Where can I borrow 35k over four months?
Where can I borrow 35k over four months?
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Discussion

DJFish

Original Poster:

6,017 posts

293 months

Wednesday 28th May 2014
quotequote all
Looking to invest in a rental but part of the deposit is stuck in a high interest account until September.
Does anyone do short term loans for that amount apart from Wonga, my bank have been spectacularly useless?

Jonathan27

761 posts

194 months

Wednesday 28th May 2014
quotequote all
It can take a few months to run through the process of buying, so you may be able to put off paying the deposit for a little while. Also is there a penalty for withdrawing early, that is likely to be less than the interst on borrwoing £35k for 4 months, as short term is often high interest.



NISMOgtr

727 posts

221 months

Wednesday 28th May 2014
quotequote all
IMF

DJFish

Original Poster:

6,017 posts

293 months

Wednesday 28th May 2014
quotequote all
At the moment the high interest account provider won't release our cash, we've appealed to their better nature and agreed to forego any interest accrued and are waiting to hear back, but since we signed up for 12 months, they're entitled to hang onto it.



gjf764

1,338 posts

205 months

Wednesday 28th May 2014
quotequote all
Surely if it's a cash deposit that's tied up the bank can take a charge over it to lend you the money now. I'd suggest that you are probably talking yo the wrong person at the bank!
You'll pay a bit for the privilege

DJFish

Original Poster:

6,017 posts

293 months

Wednesday 28th May 2014
quotequote all
We don't mind paying a bit since it has the potential to hold up the purchase, plus the cost'll be offset by the any interest we get.
I've sent the bank a snotty letter and will follow up by trying to speak to someone 'local'.

Cheers

anonymous-user

84 months

Wednesday 28th May 2014
quotequote all
DJFish said:
We don't mind paying a bit since it has the potential to hold up the purchase, plus the cost'll be offset by the any interest we get.
I've sent the bank a snotty letter and will follow up by trying to speak to someone 'local'.

Cheers
If you can get it short term lending like that will be between approx 2% and 4% a month. Plus fees.

gjf764

1,338 posts

205 months

Wednesday 28th May 2014
quotequote all
desolate said:
DJFish said:
We don't mind paying a bit since it has the potential to hold up the purchase, plus the cost'll be offset by the any interest we get.
I've sent the bank a snotty letter and will follow up by trying to speak to someone 'local'.

Cheers
If you can get it short term lending like that will be between approx 2% and 4% a month. Plus fees.
If you can get someone with a brain (who is allowed to use it) in your mainstream bank I'd suggest it won't cost anything like that.

anonymous-user

84 months

Wednesday 28th May 2014
quotequote all
gjf764 said:
If you can get someone with a brain (who is allowed to use it) in your mainstream bank I'd suggest it won't cost anything like that.
If you find such a person please do let me know.

Helicopter123

8,831 posts

186 months

Wednesday 28th May 2014
quotequote all
desolate said:
gjf764 said:
If you can get someone with a brain (who is allowed to use it) in your mainstream bank I'd suggest it won't cost anything like that.
If you find such a person please do let me know.
We lend against cash at base plus 2 per cent, no arrangement fees and no repayment fees. Would imagine that every Private Bank would do likewise.

anonymous-user

84 months

Wednesday 28th May 2014
quotequote all
Helicopter123 said:
We lend against cash at base plus 2 per cent, no arrangement fees and no repayment fees. Would imagine that every Private Bank would do likewise.
over 4 months, as a deposit on house, thus taking the property to 100%? and 35k?





Helicopter123

8,831 posts

186 months

Wednesday 28th May 2014
quotequote all
desolate said:
Helicopter123 said:
We lend against cash at base plus 2 per cent, no arrangement fees and no repayment fees. Would imagine that every Private Bank would do likewise.
over 4 months, as a deposit on house, thus taking the property to 100%? and 35k?

Yes. The 35k is secured against cash rather than the property so LTV on the mortgage unaffected.

anonymous-user

84 months

Wednesday 28th May 2014
quotequote all
Helicopter123 said:
Where do you work then? Please PM if you don't want to go public.

I can assure you that "every private bank" doesn't offer loans like that.


Helicopter123

8,831 posts

186 months

Wednesday 28th May 2014
quotequote all
desolate said:
Helicopter123 said:
Where do you work then? Please PM if you don't want to go public.

I can assure you that "every private bank" doesn't offer loans like that.
Barclays WIM

anonymous-user

84 months

Wednesday 28th May 2014
quotequote all
Helicopter123 said:
Barclays WIM
Ok - you are obviously a lesser spotted bank manager with a brain and authority so I will PM you now.


Back on track. OP contact this man as you won't beat this deal!

gjf764

1,338 posts

205 months

Wednesday 28th May 2014
quotequote all
desolate said:
Helicopter123 said:
Barclays WIM
Ok - you are obviously a lesser spotted bank manager with a brain and authority so I will PM you now.


Back on track. OP contact this man as you won't beat this deal!
Excellent, they do exist! ( I escaped ;-)

gaz1234

5,233 posts

249 months

Wednesday 28th May 2014
quotequote all
What you buying?

DJFish

Original Poster:

6,017 posts

293 months

Thursday 29th May 2014
quotequote all
Helicopter123 said:
We lend against cash at base plus 2 per cent, no arrangement fees and no repayment fees. Would imagine that every Private Bank would do likewise.
Good to know.
Thanks

DJFish

Original Poster:

6,017 posts

293 months

Thursday 29th May 2014
quotequote all
gaz1234 said:
What you buying?
Just a modest commuter flat, nothing very exciting.

gaz1234

5,233 posts

249 months

Thursday 29th May 2014
quotequote all
For 4 months?