Who wants 10% on their money?

[Groat]

Anyone interested in lending £150k?

Money needed in November.

Borrower will repay £1250 per month interest until capital is repaid.

Loan will probably last less than 1 year and more likely much less.

Fully secured against property. Borrower will cover legal fees.

PM if discretion/confidentiality preferred

[Gallons Per Mile]

I'd love 10% on my money but this doesn't half come across a bit... dodgy! I don't have that much to lend anyway. Maybe a PH crowd fund style affair but with some sort of legally binding contract?!

[johnwilliams77]

Groat said:

Anyone interested in lending £150k?

Money needed in November.

Borrower will repay £1250 per month interest until capital is repaid.

Loan will probably last less than 1 year and more likely much less.

Fully secured against property. Borrower will cover legal fees.

PM if discretion/confidentiality preferred

who wants it?

[Insurancejon]

First charge on the property?

What’s the LTV?whats the reason for the loan?

[dalenorth]

Why not just use a lender like Together?

[Groat]

Gallons Per Mile said:

I'd love 10% on my money but this doesn't half come across a bit... dodgy! I don't have that much to lend anyway. Maybe a PH crowd fund style affair but with some sort of legally binding contract?!

Eh?

[Groat]

johnwilliams77 said:

who wants it?

A person with both security to offer and the ability to easily repay as outlined.

[Groat]

Insurancejon said:

First charge on the property?

What’s the LTV?whats the reason for the loan?

YHM

[Groat]

dalenorth said:

Why not just use a lender like Together?

Good suggestion. Depends on how strung out, over complicated and, frankly, senseless their lending criteria are.

[Wilmslowboy]

Groat said:

Good suggestion. Depends on how strung out, over complicated and, frankly, senseless their lending criteria are.

Their typical arrangement fee is 2% and then between .95% and 1.35% a month interest. A 12 month loan would end up costing closer to 14%.

A friend currently has a development bridging loan out, the original plan was to have it 6 months, but planning delays, sales that have fallen through, tough mkt conditions etc means it's now been close to 2 years, whipping out a huge chunk of profit.

As a lender (currently and in the past), the challenge can be never knowing when the funds are coming back in, however as you plan to pay interest on an ongoing basis (as opposed to roll it up to the end), this becomes less of an issue.

[sleepezy]

What's being offered for security, just the property in question / development or other finished properties. Is there a personal guarantee as well, given it is supposed to be secured under the property anyway?

What's triggering the repayment? Completion of a development and sale or refinance?

Who is borrowing, a company, individual or other?

[Groat]

Gents thanks very much for replies.

Pleased to say there are now two workable offers available and a further two propositions on standby (including Together) so for the moment the matter is resolved.

Thanks again.

[Toaster Pilot]

Genuine question - how does this kind of thing get past AML/KYC checks, assuming you borrow the money from a private individual rather than using the funding platform mentioned?

Surely the source of funds checks are a bit hairy?

Not a dig or anything - I’m sure you know what you’re doing and don’t doubt that.