Need money!

[Jonsnow606]

Hi,
I'm in a position were a friend has put up a business proposal that would need me to put up 25k.

I have a mortgage that I took out around 3 years ago. We put down £52k deposit, and took out a £72k mortgage.

Not being the most savy person in this field, I was wondering if I could get some advice..., would I be able to free some of that £52k from the initial deposit I put down?

I'd need the money quite urgent, so how long is the process in doing so?

Am I better off looking into getting a loan out through the bank?

Thanks in advanced.

[Simpo Two]

Politely tell your friend to find his £25K somewhere else because much as you'd like to help yada you don't have the money.

Or you can remortgage your house, give him £25K and never see it again. Up to you.

[Sarnie]

Jonsnow606 said:

Hi,
I'm in a position were a friend has put up a business proposal that would need me to put up 25k.

I have a mortgage that I took out around 3 years ago. We put down £52k deposit, and took out a £72k mortgage.

Not being the most savy person in this field, I was wondering if I could get some advice..., would I be able to free some of that £52k from the initial deposit I put down?

I'd need the money quite urgent, so how long is the process in doing so?

Am I better off looking into getting a loan out through the bank?

Thanks in advanced.

Secured lending for a Business venture???

Apart from not sounding like a great idea, most lenders would decline it.......probably for the same reasons that it doesn't sound a great idea.

[Du1point8]

Suggest the OP may want to run through the business idea on the business forum first, then explain why £25k is needed asap, they will be able to advise if its a good bet or if you are going to lose the £25k and a friend.

[bad company]

Du1point8 said:

Suggest the OP may want to run through the business idea on the business forum first, then explain why £25k is needed asap, they will be able to advise if its a good bet or if you are going to lose the £25k and a friend.

Good advice.

[sideways sid]

If you need £25k quickly, the most straightforward option is probably an unsecured personal loan.

Just check one of the money-related search-engines and a Peer-to-Peer lender, and apply online. Cash will be in your account within a few days.

As others have mentioned, make sure you understand:
1. exactly what you're investing in
2. what repayment you can expect, and when
3. what the critical events are that will make the business fail or succeed

[Simpo Two]

sideways sid said:

If you need £25k quickly, the most straightforward option is probably an unsecured personal loan.

Just check one of the money-related search-engines and a Peer-to-Peer lender, and apply online. Cash will be in your account within a few days.

As others have mentioned, make sure you understand:
1. exactly what you're investing in
2. what repayment you can expect, and when
3. what the critical events are that will make the business fail or succeed

OP, forward this to your friend, so he can borrow the money and you don't have to.

Only invest what you can afford to lose. You haven't got it to lose, in fact you'll have to borrow to lose, which is madness.

[Eric Mc]

Why has the "friend" come to the OP for this money?

Does that indicate that he has problems raising it through more "normal" sources?

[Hainey]

Jonsnow, I've been where you are, but thankfully not for 25k. Rock solid investment, rock solid mate, guaranteed return.

Can you guess the rest?

Turned out said mate was in debt up to his eyeballs trying to keep wolves from the door and guess where my money really went?

Give him any excuse why you can't, because if you do, you'd be as well setting fire to it.