Seeking Short-term Bridge Loan

[James B]

There's a saying I have heard quite a lot recently, that people will gladly lend you money if you can prove to them you don't need it.
The fact that you can't wait 3 months for this £11,000, and the fact that you can't scrape together £2,500 from elsewhere unfortunately smacks a bit of desperation, and this is perhaps the issue.
If you don't have a good credit rating, then unsecured lending is going to be out of the question I think, although Capital One will give a credit card to absolutely anyone. Explore credit cards for people with poor credit ratings, there are plenty.
In terms of secured lending against your property, if the minimum they will give you in £25k, just take it and have discipline to not spend the extra. Try and find a lender with no or low early repayment terms and as soon as the Treasury pay out, pay the lot back. I won't recommend any 2nd charge lenders, because there are literally a million of them.

Also I think it probably goes without saying that you're not going to find a lender here...I presume that much is quite obvious by now. Especially now that I've said that unsecured lending is out of the question.

Thanks Gordon. You say, 'desperation'. I say, 'short-term cash flow issue' but that's life. Each to their own. This need is clearly explained in my original post. Yes I'll try credit cards and/or short term loans. The property 2nd charge option takes too long.

No I expected to find professional & helpful advice on here, that might direct me towards a private lender. I'll leave you to judge for yourself if that's what I found, but thanks for your advice certainly!

 

[Gordon - Commercial Finance]

No I expected to find professional & helpful advice on here, that might direct me towards a private lender.

A lot of people do come here looking for that. Many leave sorely disappointed.

 

[The Byre]

I find this thread somewhat irritating - so here is a story -

About 40 years ago, my first marriage fell apart, as my wife had a nervous breakdown and became hysterical. We had two children and I took them under my arm and fled. I was living in the back of a borrowed car, with the children living with friends. I did not have a job, because, at the same time, my employer went bankrupt (he later killed himself!)

I was a foreigner in a foreign land and it goes without saying that I was desperate and did not have the money to even feed the children.

I went to the bank where I had an account for just a couple of years and laid my cards on the table. The po-faced bank clerk listened as I told my tale of woe. All I was hoping for, was the ability to borrow a couple of hundred, just to feed the two children and until I found a job and somewhere to live.

He listed carefully and then pulled a long face. "I'm terribly sorry Mr. XXX, but all I can offer you is an overdraft facility of £4,000." (In today's money.)

I could have kissed him! "Wow!" I said. "You are an angel - I don't need all that! I just wanted a few hundred to feed my children!"

He smiled and wished me luck.

Now, do you understand why nothing about your story adds up?

 

[James B]

I find this thread somewhat irritating - so here is a story -

About 40 years ago, my first marriage fell apart, as my wife had a nervous breakdown and became hysterical. We had two children and I took them under my arm and fled. I was living in the back of a borrowed car, with the children living with friends. I did not have a job, because, at the same time, my employer went bankrupt (he later killed himself!)

I was a foreigner in a foreign land and it goes without saying that I was desperate and did not have the money to even feed the children.

I went to the bank where I had an account for just a couple of years and laid my cards on the table. The po-faced bank clerk listened as I told my tale of woe. All I was hoping for, was the ability to borrow a couple of hundred, just to feed the two children and until I found a job and somewhere to live.

He listed carefully and then pulled a long face. "I'm terribly sorry Mr. XXX, but all I can offer you is an overdraft facility of £4,000." (In today's money.)

I could have kissed him! "Wow!" I said. "You are an angel - I don't need all that! I just wanted a few hundred to feed my children!"

He smiled and wished me luck.

Now, do you understand why nothing about your story adds up?

Lovely story. That was 40 years ago. Now it's all decisions made by computer software, of course, so a tad different.

Thanks anyway.

P.S. It was never my intention for anyone to be irritated. The original post was an entirely genuine attempt to seek help & advice, as were my comments.

 

[Mr D]

Think about it. Why would I default? I have over 11k coming from the government in a few weeks.So enough of the accusations of fraud and scam, ok. Please re-read the original post. All documents & proof will be provided.

I was simply pointing out that lenders are protected by English law and have a legal remedy through the courts. If you show the court a contract you'll get repaid. This is what contracts are for (a remedy in the event of a dispute or a problem). Hardly news to anyone on here, I hope.

You know that debt collection of outstanding debts is something business owners tend to learn?
Contracts and collecting debts are not the same. May not have noticed there are multiple companies that exist to collect debts on contracts.

 

[Mark T Jones]

Now @James B, I suspect that you are genuine if somewhat misguided here.

So, for you and anyone else looking for funding I will share the benefit of 30 years spent as lender, broker and debt collector.

First, all lending carries a risk - no exceptions. Telling a lender it is 'risk free' and fatuous comments about Government credit will only antagonise - instead concentrate on what you can do to mitigate/minimise the risk.

You don't need to concern yourself with documentation and legislation - that's what they do, you need to be concentrating on what makes you a good prospect.

Honesty is good! Second tier lenders know there is a reason they get business at higher rates. From the outset there has been a sub-text that your personal credit is shot, yet it wasn't admitted until page 5 - that lack of admission creates mistrust which is the death of a deal.

Similarly, it wasn't until several pages in that you happened to mention a property. Even if it isn't used as security it can create comfort for a lender.

Still perplexed about the accountant, but we'll leave it there

 

[ethical PR]

Think about it. Why would I default? I have over 11k coming from the government in a few weeks.So enough of the accusations of fraud and scam, ok. Please re-read the original post. All documents & proof will be provided.

I was simply pointing out that lenders are protected by English law and have a legal remedy through the courts. If you show the court a contract you'll get repaid. This is what contracts are for (a remedy in the event of a dispute or a problem). Hardly news to anyone on here, I hope.

Think about it. Why should I believe you? Thousands of business people default on paying their bills every week.

I know nothing about you apart from you have a bad credit history, your own family and friends won't lend you a small amount of money and you got yourself in this mess by not managing your business properly.

Hardly inspiring me with confidence.

 

[Ian J]

Does anyone wish to say something new or helpful or is it just going to be a procession of people coming along to put the boot in to show visitors what an unfriendly place this forum is.

 

[Root 66 Woodshop]

I won't put the boot in, nor will I be able to offer anything new... other than...

Smile... it's not the end of the world

 

[ethical PR]

Does anyone wish to say something new or helpful or is it just going to be a procession of people coming along to put the boot in to show visitors what an unfriendly place this forum is.

What do you feel would be new or helpful to add in the circumstances @Ian J ?

I was replying to a question the OP asked me.

While we want to be friendly and welcoming. I also wouldn't want to see new/unsuspecting members draw in to investing/lending money/going into business where they could end up losing their hard earned money.

 

[Ian J]

What do you feel would be new or helpful to add in the circumstances @Ian J ?

Nothing unless it is either an offer to lend him the money or a suggestion of where / how he might be able to raise it otherwise it's time to let the thread die away

 

[James B]

A lot of people do come here looking for that. Many leave sorely disappointed.

Ha. Ha. Yes I can see why...

 

[James B]

You know that debt collection of outstanding debts is something business owners tend to learn?
Contracts and collecting debts are not the same. May not have noticed there are multiple companies that exist to collect debts on contracts.

Yes I have three debt-collection companies working for me at the moment, chasing up people who owe me thousands. Robinson Way are good, as are Moorcroft & Davidsons Debt Recovery.

 

[James B]

I find this thread somewhat irritating - so here is a story -

About 40 years ago, my first marriage fell apart, as my wife had a nervous breakdown and became hysterical. We had two children and I took them under my arm and fled. I was living in the back of a borrowed car, with the children living with friends. I did not have a job, because, at the same time, my employer went bankrupt (he later killed himself!)

I was a foreigner in a foreign land and it goes without saying that I was desperate and did not have the money to even feed the children.

I went to the bank where I had an account for just a couple of years and laid my cards on the table. The po-faced bank clerk listened as I told my tale of woe. All I was hoping for, was the ability to borrow a couple of hundred, just to feed the two children and until I found a job and somewhere to live.

He listed carefully and then pulled a long face. "I'm terribly sorry Mr. XXX, but all I can offer you is an overdraft facility of £4,000." (In today's money.)

I could have kissed him! "Wow!" I said. "You are an angel - I don't need all that! I just wanted a few hundred to feed my children!"

He smiled and wished me luck.

Now, do you understand why nothing about your story adds up?

Just a friendly word of advice. If this thread gets you so irritated, for goodness sake stay well away from Facebook & Twitter. They'll make your head explode!

 

[James B]

Now @James B, I suspect that you are genuine if somewhat misguided here.

So, for you and anyone else looking for funding I will share the benefit of 30 years spent as lender, broker and debt collector.

First, all lending carries a risk - no exceptions. Telling a lender it is 'risk free' and fatuous comments about Government credit will only antagonise - instead concentrate on what you can do to mitigate/minimise the risk.

You don't need to concern yourself with documentation and legislation - that's what they do, you need to be concentrating on what makes you a good prospect.

Honesty is good! Second tier lenders know there is a reason they get business at higher rates. From the outset there has been a sub-text that your personal credit is shot, yet it wasn't admitted until page 5 - that lack of admission creates mistrust which is the death of a deal.

Similarly, it wasn't until several pages in that you happened to mention a property. Even if it isn't used as security it can create comfort for a lender.

Still perplexed about the accountant, but we'll leave it there

I wanted to keep the original post as brief as possible, with further info to follow if requested by serious parties (I'm not posting my life story on the public internet). As there aren't any here, it's no bother. Some interesting interaction along the way anyway...

 

[James B]

Think about it. Why should I believe you? Thousands of business people default on paying their bills every week.

I know nothing about you apart from you have a bad credit history, your own family and friends won't lend you a small amount of money and you got yourself in this mess by not managing your business properly.

Hardly inspiring me with confidence.

You shouldn't believe anything you read on the internet. You also shouldn't be offended by any of it. It's mostly ephemeral nonsense anyway...

 

[James B]

Does anyone wish to say something new or helpful or is it just going to be a procession of people coming along to put the boot in to show visitors what an unfriendly place this forum is.

Well put.

Thanks for your help on the phone, Ian.

Best wishes!

 

[James B]

Nothing unless it is either an offer to lend him the money or a suggestion of where / how he might be able to raise it otherwise it's time to let the thread die away

Indeed it is.

One small footnote - I found an ISA that I didn't know I had and cashed in 4k of it. One phone call and it took four days for the money to arrive in my account. All good.

Thanks for your help and I wish everyone on this forum all the best for the future.

 

[Mr D]

Yes I have three debt-collection companies working for me at the moment, chasing up people who owe me thousands. Robinson Way are good, as are Moorcroft & Davidsons Debt Recovery.

Ah yes I recognise two of them. Been paying large debts off for years via them. At £1 a month.
They suffer from the same problem anyone trying to collect a debt from you would have.

 

[Ian J]

One small footnote - I found an ISA that I didn't know I had and cashed in 4k of it. One phone call and it took four days for the money to arrive in my account. All good.

I'm pleased that you have found a solution and I'm just sorry that I couldn't find it for you.

I really don't suppose that you want to hang around UKBF but please come back in a few weeks and let us know how it all pans out for you

 

[Discdevil]

All the information is on the gov website tbh in their notes on this