Seeking Short-term Bridge Loan

[James B]

The UK Government, HM Treasury, owes me over 11,000 pounds. I need to pay fees and charges of 2,500 pounds in order to get it back. Hence, I am seeking a short-term Bridge Loan, of GBP2,500 for 4 to 6 weeks.

Background - One of my UK companies, of which I'm the sole Director and Shareholder, was closed in Dec 2016 for its accounts being a couple of months overdue, as I'd been working abroad since July 16 and missed the two reminder letters from Companies House.

The company had over eleven thousand pounds (GBP11,000) in its bank account at the time, which is held by the UK Treasury and I'm now going through the process of restoration of the company and recovery of the funds, which will take around 4 to 6 weeks.

To get the 11,000 pounds back, I need to pay seven hundred and fifty pounds (GBP750) Late Filing Penalty, 140 pounds Companies House charges, as well as pay my accountant (1350 + VAT =) 1620 pounds to submit this year’s and last year’s company Annual Accounts and Corporation Tax Returns. Hence, I urgently need to raise two thousand five hundred pounds (GBP2,500) to cover those costs.

The proposal is to borrow a bridging loan of 2,500 pounds for the 4 to 6 weeks that the process is likely to take for the 11,000 pounds to be repaid by HM Treasury.

I offer to pay a fee of at least 150 pounds to the lender on settlement of the loan, but we can negotiate and agree the fee, calculating interest on a daily basis if required.

[For example, if the sum of 2,500 pounds was borrowed for one calendar month with a fee of 150 pounds, that would be equivalent to an annual percentage rate (APR) of over 70 percent – a strongly positive return in comparison to typical loan rates.]

Is there a lender, or a few lenders together, who are able to help with lending 2,500 pounds for around 4 to 6 weeks?

This is entirely genuine and to prove the reason for seeking this short-term bridging loan, the following information will be provided;

Proof of my identity and address via passport and recent utility bill / bank statement.

Proof of directorship and shareholding of the company & Company registration certificate.

Letters from Companies House.

Company bank statement from December 2016 showing the GBP11,000 transfer to HM Treasury.

The Waiver Letter from HM Treasury stating they’ve no objection to recovery of the funds.

A legally binding agreement for this proposed loan arrangement, (2,500 for 4-6 weeks) with the repayment terms and agreed fees.

If the lender is based in or near London, I will be happy to meet in person.

If you have any questions, please contact me directly at any time or post a reply here.
Thanks. James.

 

[ethical PR]

Hello James
You mention this is for one of your companies, with the implication that you have others. In this case I would ask your bank for an overdraft against your other companies.
Failing that family and friends are your best bet.

 

[MartinCivil]

ARRRGGGHHHH
Am I the only one getting increasingly frustrated with more and more ridiculous posts offering sure fire investment opportunities, fishing for idiots.

As far as I am aware, your company doesn't get shut down for filing accounts two months late.

Go to the bank, ask for a small loan, an overdraft, even draw some cash out on a credit card. That way you don't need to drag anyone else into this ridiculous set of circumstances.

 

[ethical PR]

@MartinCivil - you've only been a member of the forum for a couple of weeks. These sort of posts appear quite regularly. Just ignore them if they frustrate you.

 

[James B]

Hello James
You mention this is for one of your companies, with the implication that you have others. In this case I would ask your bank for an overdraft against your other companies.
Failing that family and friends are your best bet.

Thanks. If any of those options were possible, I wouldn't have posted this here. I need a genuine private lender and am happy to enter into a proper legal agreement for a short-term bridge loan. Any serious recommendations gratefully received.

 

[Mr D]

ARRRGGGHHHH
Am I the only one getting increasingly frustrated with more and more ridiculous posts offering sure fire investment opportunities, fishing for idiots.

As far as I am aware, your company doesn't get shut down for filing accounts two months late.

Go to the bank, ask for a small loan, an overdraft, even draw some cash out on a credit card. That way you don't need to drag anyone else into this ridiculous set of circumstances.

Took 5 months for mine. Several reminder letters sent to the registered address and of course the website has details of requirements in case people are unaware.

 

[James B]

ARRRGGGHHHH
Am I the only one getting increasingly frustrated with more and more ridiculous posts offering sure fire investment opportunities, fishing for idiots.

As far as I am aware, your company doesn't get shut down for filing accounts two months late.

Go to the bank, ask for a small loan, an overdraft, even draw some cash out on a credit card. That way you don't need to drag anyone else into this ridiculous set of circumstances.

Hello Martin,

You appear to misunderstand. This is absolutely not an investment opportunity, nor is it fraudulent or "fishing for idiots" as you put it. It is completely genuine and I am seeking a private lender with whom I will enter into an entirely legal and ethical agreement for a short-term bridge loan, as stated. I would hardly offer to provide all the proof documents, including the letters from Companies House (your assumption isn't correct) if I was a fraudster, obviously. Neither would I post this here if those other financial options were available.

All positive and useful recommendations gratefully received.

Thanks and have a great weekend.
James.

 

[James B]

Took 5 months for mine. Several reminder letters sent to the registered address and of course the website has details of requirements in case people are unaware.

Regardless of whether the company accounts were 2, 3 or 4 months overdue, I can provide a letter from Companies House giving two month's notice of it being struck off (which I never received as I was working outside the UK from July 16 to May 17) and it was duly struck off in December 2016 as stated. I also have a Dec 16 company bank statement showing the transfer of the 11k+ funds to the government. I have a letter from HM Treasury confirming no objection to me recovering said funds.

I can and will provide ample proof that this is genuine, to any serious lenders.

 

[Mark T Jones]

Do a deal with your accountant. They stand to win 2 ways - getting their fee plus a bonus on success. I guess they will need about £1K to make it interesting

Also, to the best of my knowledge they can have HMRC money paid to them

 

[Mr D]

Regardless of whether the company accounts were 2, 3 or 4 months overdue, I can provide a letter from Companies House giving two month's notice of it being struck off (which I never received as I was working outside the UK from July 16 to May 17) and it was duly struck off in December 2016 as stated. I also have a Dec 16 company bank statement showing the transfer of the 11k+ funds to the government. I have a letter from HM Treasury confirming no objection to me recovering said funds.

I can and will provide ample proof that this is genuine, to any serious lenders.

So you were unable to get Mail and did not make arrangements to receive relevant paperwork.
Two months notice of being struck off is normal, it just takes months to get to that point.

Good luck finding a lender. I would have said the bank would be the first point of call.

 

[James B]

Do a deal with your accountant. They stand to win 2 ways - getting their fee plus a bonus on success. I guess they will need about £1K to make it interesting

Also, to the best of my knowledge they can have HMRC money paid to them

Thanks Mark. I already need to pay my accountant nearly 1700 pounds, and I don't see how they would fund the almost 1000 pounds due to Companies House in addition to their own fees (other than by becoming the same private lender I'm already seeking).
Funds in this situation are held by the Bona Vacantia (BVD) department of HM Treasury, so HMRC are not involved. This is also true of funds & assets when someone dies without a Will.

Thanks and have a great weekend,
James.

 

[James B]

So you were unable to get Mail and did not make arrangements to receive relevant paperwork.
Two months notice of being struck off is normal, it just takes months to get to that point.

Good luck finding a lender. I would have said the bank would be the first point of call.

Yes indeed. No excuse for paper-based processes & communications ONLY, in the 21st century, when almost everyone has a mobile phone & email. Government departments above all should lead the way in this. HMRC email me, but not Companies House. That's life...

The bank was indeed 1st option but UK banks don't lend in these circumstances.

Thanks and have a great weekend,
James.

 

[Mr D]

UK banks lend personal loans. They don't really bother about what loans are used for if they aren't taking collateral.

And likewise no excuse for not fulfilling directors responsibilities in the 21st century.

Blame all around by the sound of it - now there's a price to pay.

 

[James B]

In case anyone's interested, full details of the company Administrative Restoration process are on direct.gov.uk & companies-house.gov.uk, along with how to reclaim funds from HM Treasury.

 

[Mark T Jones]

Thanks Mark. I already need to pay my accountant nearly 1700 pounds, and I don't see how they would fund the almost 1000 pounds due to Companies House in addition to their own fees (other than by becoming the same private lender I'm already seeking).
Funds in this situation are held by the Bona Vacantia (BVD) department of HM Treasury, so HMRC are not involved. This is also true of funds & assets when someone dies without a Will.

Thanks and have a great weekend,
James.

I think the biggie here is that your accountant has the incentive, the knowledge and the insight to make this work. Like I say they would need to be pretty confident of a result (if they aren't I'd be worried about it!), and financially incentivised.

Worst eventuality is that you have to beg steal or borrow £1,000 (I'd strongly suggest FFF) - and their outstanding fee comes from results.

In reality this is your best avenue to pursue by a mile.

 

[James B]

UK banks lend personal loans. They don't really bother about what loans are used for if they aren't taking collateral.

And likewise no excuse for not fulfilling directors responsibilities in the 21st century.

Blame all around by the sound of it - now there's a price to pay.

I accept entirely the responsibility for omitting to file the company accounts on time. I'm working to correct the situation as soon as possible and I've now set up automated reminders to ensure this happens for the future.

Thanks and have a great weekend,
James.

 

[James B]

I think the biggie here is that your accountant has the incentive, the knowledge and the insight to make this work. Like I say they would need to be pretty confident of a result (if they aren't I'd be worried about it!), and financially incentivised.

Worst eventuality is that you have to beg steal or borrow £1,000 (I'd strongly suggest FFF) - and their outstanding fee comes from results.

In reality this is your best avenue to pursue by a mile.

Yes, when you follow their process correctly and pay the required fees, there's no question that Companies House will restore a company and HM Treasury repay the funds held. That's not in any doubt. I just need short-term help to fund it, hence my chosen option is 'borrow'.

Thanks and have a great weekend,
James.

 

[Mark T Jones]

Yes, when you follow their process correctly and pay the required fees, there's no question that Companies House will restore a company and HM Treasury repay the funds held. That's not in any doubt. I just need short-term help to fund it, hence my chosen option is 'borrow'.

Thanks and have a great weekend,
James.

So what has your accountant said?

 

[Newchodge]

Am I the only one who REALLY wishes you would stop saying 'thanks and have a great weekend'?

 

[MartinCivil]

Am I the only one who REALLY wishes you would stop saying 'thanks and have a great weekend'?

+1
Thanks and have a great weekend though

 

[The Byre]

Am I the only one who REALLY wishes you would stop saying 'thanks and have a great weekend'?

No, there's also me!

Thanks (and have a great weekend!)

a private lender with whom I will enter into an entirely legal and ethical agreement

Well, you get full marks for the correct use of the dative case, but no marks for plausibility.

 

[Mr D]

Am I the only one who REALLY wishes you would stop saying 'thanks and have a great weekend'?

No but others are more polite.
Or not as annoyed. Its Friday.

 

[HomesWarehouse]

[For example, if the sum of 2,500 pounds was borrowed for one calendar month with a fee of 150 pounds, that would be equivalent to an annual percentage rate (APR) of over 70 percent – a strongly positive return in comparison to typical loan rates.]

have you seen the APR % on the short term loan companies operating in the uk, i've seen 3000% haha 70 is not all that good for a short term loan

also are you serious?? my accountant would bite my hand off for this and take payment afterwards if there was a bonus available

also 2.5k is hardly a huge amount i'm sure u can walk into a bank and ask for it or get a cashback credit card and withdraw it, come on

 

[fattony]

Risk £2500 for £150, no one who doesn't know you will do that

 

[Mr D]

have you seen the APR % on the short term loan companies operating in the uk, i've seen 3000% haha 70 is not all that good for a short term loan

also are you serious?? my accountant would bite my hand off for this and take payment afterwards if there was a bonus available

also 2.5k is hardly a huge amount i'm sure u can walk into a bank and ask for it or get a cashback credit card and withdraw it, come on

Yes we could probably walk into a bank and do that. As can you.
What is the risk to you on that money?

 

[Newchodge]

Or not as annoyed. Its Friday.

I have a part time job. I work Friday evening, Sunday and Monday.

 

[CVRO]

I'm not implying that's what it is but when I read the OP required a relatively small loan to unlock a larger amount what came to my mind was the infamous emails from princes with large amounts that just required a small fee to unlock the money...

 

[James B]

So what has your accountant said?

I have a meeting with him at 1230hrs today. I'm sure he'll be as helpful as possible. However, he's not in the business of lending money to his clients. After all, he's an accountant, not a bank or licensed credit-broker.

Hence, I am still seeking a 'private lender', as it's known in English law, (whether an individual or a company) with whom I will enter into a contractual agreement for a short-term bridge loan, complying with all required laws including Anti-Money Laundering Regulations 2007 (proof of ID, proof of company, etc.).

Thanks.

 

[James B]

+1
Thanks and have a great weekend though

You too!

 

[Mr D]

I have a meeting with him at 1230hrs today. I'm sure he'll be as helpful as possible. However, he's not in the business of lending money to his clients. After all, he's an accountant, not a bank or licensed credit-broker.

Hence, I am still seeking a 'private lender', as it's known in English law, (whether an individual or a company) with whom I will enter into a contractual agreement for a short-term bridge loan, complying with all required laws including Anti-Money Laundering Regulations 2007 (proof of ID, proof of company, etc.).

Thanks.

Good luck with that.
Whats your alternative plan if you cannot find a lender on a business forum?

 

[James B]

I'm not implying that's what it is but when I read the OP required a relatively small loan to unlock a larger amount what came to my mind was the infamous emails from princes with large amounts that just required a small fee to unlock the money...

Perhaps you read my post a tad too quickly and missed the bit where I offer to provide all required proof of ID, proof of funds and documents from multiple UK government departments confirming that this is entirely genuine. Our online fraudster friends typically struggle to provide anything other than laughable emails, by contrast.

Hence I repeat - all proof and documents will be provided to comply with Anti-Money Laundering Regulations 2007 (as required by your bank, your lawyer or your estate agent in a property purchase, for example). A legally binding loan agreement will be entered into, as required by law.

Any contact (via DM or post) from serious lenders, or recommendations to connect with one, will be extremely gratefully received!

Thanks,
James.

 

[Chris Ashdown]

I still don't understand the problem, you owe £1700 to your accountant and the only way he will get paid is to help you release the money and also get a small bonus as well. In fact with him you don't even need the full amount just the extra's to open the old company, do two years accounts and grab the dosh

Have a chat with him and let him make sure the whole money goes into his account and he can then pay you whats left

I have in the past had communication with a Nigerian Prince who works in the Nigerian Bank dead records department who has quite a lot of money for someone to claim on 50/50 terms, would you like his address

 

[Mark T Jones]

I have a meeting with him at 1230hrs today. I'm sure he'll be as helpful as possible. However, he's not in the business of lending money to his clients. After all, he's an accountant, not a bank or licensed credit-broker.

Hence, I am still seeking a 'private lender', as it's known in English law, (whether an individual or a company) with whom I will enter into a contractual agreement for a short-term bridge loan, complying with all required laws including Anti-Money Laundering Regulations 2007 (proof of ID, proof of company, etc.).

Thanks.

Why ar3 you assuming your accountant w9nt be up for this? If they can see a legitimate opportunity they will almost certainly be interested - at a price

Being blunt, you won’t find a lender by posting on this forum (incidentally I am licensed to broke this kind of facility). Nobody is going to take the effort and risk for this kind of sum.

 

[ethical PR]

Why do you feel a complete stranger will be willing to lend you money if your friends and family won't?

Why aren't you applying to your bank for an overdraft or loan?

 

[Newchodge]

Risk £2500 for £150, no one who doesn't know you will do that

It appears that the problem is that no one who DOES know him will do that.

 

[Mr D]

It appears that the problem is that no one who DOES know him will do that.

And his other companies he cannot raise such a small amount from.

 

[James B]

have you seen the APR % on the short term loan companies operating in the uk, i've seen 3000% haha 70 is not all that good for a short term loan

also are you serious?? my accountant would bite my hand off for this and take payment afterwards if there was a bonus available

also 2.5k is hardly a huge amount i'm sure u can walk into a bank and ask for it or get a cashback credit card and withdraw it, come on

You may be thinking of pay-day loans, but those are typically capped at 500 pounds or so. (Wonga just posted a 65 million pound loss, which I can't understand given their huge interest rates.) 70-80 APR is not that good? Really, what's the highest yield your best investment is currently paying you? I'd love to know of investments that pay such yields consistently (within the law of course). Anyway, as stated in the original post, I'm totally flexible & happy to negotiate on the fee to the lender.

If that's true, please DM me your accountant's contact details. Sadly mine doesn't lend money.

Wouldn't have posted here if a bank would help me...

 

[James B]

Risk £2500 for £150, no one who doesn't know you will do that

I respectfully disagree. There's a thriving private lending & angel investing sector in the UK, although I haven't yet connected with one of them on this forum. Early days. Let's see what happens...

 

[James B]

I still don't understand the problem, you owe £1700 to your accountant and the only way he will get paid is to help you release the money and also get a small bonus as well. In fact with him you don't even need the full amount just the extra's to open the old company, do two years accounts and grab the dosh

Have a chat with him and let him make sure the whole money goes into his account and he can then pay you whats left

I have in the past had communication with a Nigerian Prince who works in the Nigerian Bank dead records department who has quite a lot of money for someone to claim on 50/50 terms, would you like his address

Please read the original post again. Nearly one thousand pounds of fees are due to Companies House in the Administrative Restoration process. My accountant won't fund that and also doesn't work on a contingency basis (like "no win no fee" lawyers) so sadly your suggestion, however well-meaning, doesn't stack up. Thanks anyway.

 

[James B]

Why ar3 you assuming your accountant w9nt be up for this? If they can see a legitimate opportunity they will almost certainly be interested - at a price

Being blunt, you won’t find a lender by posting on this forum (incidentally I am licensed to broke this kind of facility). Nobody is going to take the effort and risk for this kind of sum.

See previous comments.

You may be right. Time will tell. As stated in the original post, I'm totally happy to negotiate and agree a fee that a serious lender would be satisfied with.