Private Mortgages
Discussion
Is there such a thing?
For example, say that I would like to borrow a large sum of money to buy a house, and the usual routes are closed to me for whatever reasons, is there some group / society / organisation that put borrowers in touch with lenders?
After all those with large sums of money can't be earning much in the way of interest at the moment?
For example, say that I would like to borrow a large sum of money to buy a house, and the usual routes are closed to me for whatever reasons, is there some group / society / organisation that put borrowers in touch with lenders?
After all those with large sums of money can't be earning much in the way of interest at the moment?
The Curn said:
Is there such a thing?
For example, say that I would like to borrow a large sum of money to buy a house, and the usual routes are closed to me for whatever reasons, is there some group / society / organisation that put borrowers in touch with lenders?
After all those with large sums of money can't be earning much in the way of interest at the moment?
Yes, of course there are, but their criteria and rates tend to be slightly more cautious than the mainstream, so if you're having trouble there. the private financiers are not likely going to be easier.For example, say that I would like to borrow a large sum of money to buy a house, and the usual routes are closed to me for whatever reasons, is there some group / society / organisation that put borrowers in touch with lenders?
After all those with large sums of money can't be earning much in the way of interest at the moment?
So long as the legal side is above board I see no reason why an individual can't mortgage a property, but I wonder what the FSA would say?
Given I know of a family member sitting on a great wad of cash earning pittance, maybe I should ask them if they'd like to lend me the money at say 3%....
Everyone's a winner
Or maybe not.
Given I know of a family member sitting on a great wad of cash earning pittance, maybe I should ask them if they'd like to lend me the money at say 3%....
Everyone's a winner
Or maybe not.
No, there are small, and usually very strong, private moneylenders (and I don't mean extortioners in pubs) who, provided terms are agreed, will lend money mortgage-style using property as security. I dealt with one years ago. They had a lovely office suite in Bath St, Glasgow. Can't for the life of me remember the firm's name. It was my accountant at the time who put me on to them. But, I reiterate, their terms are a bit tighter than the high street banks'.
a few years ago i sold a business to a chap that could not raise all the money. it was all drawn up legally. he paid me 4% over base. when he wanted to pay it off early , he paid me the lost interest and the amount of the loan. it can work but the terms would be tough , i would imagine.
If you are Jewish, this type of thing is really not uncommon.
I have loads of Jewish mates, and they always seem to get funding from some old, very rich, Jewish guys in London. Funding for anything, business, property, car, whatever.
I asked what the lender gets out of it, other than interest etc and it seems that prestige is the main driving factor.
Much like the old Roman Patron system I believe.
Not much help to the OP though.....unless he's a Jew and doesn't know it....
I have loads of Jewish mates, and they always seem to get funding from some old, very rich, Jewish guys in London. Funding for anything, business, property, car, whatever.
I asked what the lender gets out of it, other than interest etc and it seems that prestige is the main driving factor.
Much like the old Roman Patron system I believe.
Not much help to the OP though.....unless he's a Jew and doesn't know it....
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