Seeking Short-term Bridge Loan

[James B]

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?

There's a large & thriving Private Lending market in the UK, composed of professional lenders who don't make decisions based on whether they know the borrower. It remains to be seen if any of them are on this forum.

 

[Newchodge]

There's a large & thriving Private Lending market in the UK, composed of professional lenders who don't make decisions based on whether they know the borrower. It remains to be seen if any of them are on this forum.

They probably aren't. Why didn't you start by contacting them?

 

[KAC]

Maybe you should consider a pawnbroker. They are set up to make short term loans of small amounts, albeit secured.

 

[James B]

They probably aren't. Why didn't you start by contacting them?

I'm using all available options, so posted on various websites at once, including a couple that are for private lending. I thought a business forum would be good also, but let's see...

 

[Mark T Jones]

There's a large & thriving Private Lending market in the UK, composed of professional lenders who don't make decisions based on whether they know the borrower. It remains to be seen if any of them are on this forum.

Indeed there is. I can directly access abou5 100 of them. Through my wider network, double that figure

For the reasons already stated, none of them will be interested.

 

[Mr D]

I'm using all available options, so posted on various websites at once, including a couple that are for private lending. I thought a business forum would be good also, but let's see...

Yes a business forum can be good to find investment. If the investment is worth making.

It looks like no one who has replied considers the investment worth making. Perhaps that is experience, perhaps that is based on the info provided. Perhaps based on the business.

 

[James B]

Indeed there is. I can directly access abou5 100 of them. Through my wider network, double that figure

For the reasons already stated, none of them will be interested.

What financial return will get them interested? 250 pounds? 500 pounds?

 

[James B]

Yes a business forum can be good to find investment. If the investment is worth making.

It looks like no one who has replied considers the investment worth making. Perhaps that is experience, perhaps that is based on the info provided. Perhaps based on the business.

Not yet - although I remain optimistic!

I'm completely willing to discuss a higher return on the investment with a serious lender, as stated in my original post, and of course will provide them all the listed information, as a decision can't be made without seeing all the evidence.

 

[Mark T Jones]

What financial return will get them interested? 250 pounds? 500 pounds?

TBH, on the information given its a non starter in terms of risk. Legally speaking the set up fee would be about £500

I’d be interested in your accountant’s response since they have everything to gain here

For £1,000 the obvious starting point would be friends and family

Failing that

Payday loans, credit cards, pawn brokers, sells your CD collection etc etc.

 

[Mark T Jones]

@James B

To clarify a little more, this is a personal rather than a business lending proposition - they are quite different mindsets and I’m afraid I don’t know a lot about personal lending.

 

[James B]

TBH, on the information given its a non starter in terms of risk. Legally speaking the set up fee would be about £500

I’d be interested in your accountant’s response since they have everything to gain here

For £1,000 the obvious starting point would be friends and family

Failing that

Payday loans, credit cards, pawn brokers, sells your CD collection etc etc.

I'm struggling to understand your assessment of the risk. What risk? I will provide the lender with all the documentation to comply with Anti-Money Laundering Regulations which is good enough to satisfy a mortgage-lender when they lend you half a million pounds. This would include my passport, utility bills, bank statement, HMRC statements, along with proof of the funds, and letters from Companies House and HM Treasury.
I already have a draft loan agreement based on the plain-English standard clauses in law, so absolutely no need to spend 500 pounds on a lawyer. It costs about 200 pounds and takes ten minutes online to file a small claim against anyone who doesn't pay you. So what's the risk? You think I'm going to skip the country with 2500 pounds? Not very likely when I've got over 11000 pounds coming my way and a life here in London. The risk that HM Treasury won't repay me? Don't worry, the Brexit bill won't be that large! So negligible risk if you follow their stated process for recovering funds (see direct. gov. uk / guidance/apply-for-a-repayment-after-a-company-has-been-restored-to-the-register-cb4) which I'm doing.
In the enormously unlikely event I can't recover the funds from the Treasury, I can repay the 2500 from other means in a slightly longer time-frame as I have clients who owe me money (good old 45-day invoicing, you know how it goes) plus I'm selling a property for 670 thousand pounds (yes I can provide all the proof of that also) which should complete in the next 2 or 3 months - so I just need a short-term bridge loan to quickly process the recovery of the 11000 pounds from the Treasury. It's quite simple.

As commented several times earlier, my accountant doesn't lend money.

Any serious enquiries from private lenders still entirely welcome! Full information will be provided!

 

[James B]

@James B

To clarify a little more, this is a personal rather than a business lending proposition - they are quite different mindsets and I’m afraid I don’t know a lot about personal lending.

No worries. Thanks anyway.

 

[Mark T Jones]

I'm struggling to understand your assessment of the risk. What risk? I will provide the lender with all the documentation to comply with Anti-Money Laundering Regulations which is good enough to satisfy a mortgage-lender when they lend you half a million pounds. This would include my passport, utility bills, bank statement, HMRC statements, along with proof of the funds, and letters from Companies House and HM Treasury.
I already have a draft loan agreement based on the plain-English standard clauses in law, so absolutely no need to spend 500 pounds on a lawyer. It costs about 200 pounds and takes ten minutes online to file a small claim against anyone who doesn't pay you. So what's the risk? You think I'm going to skip the country with 2500 pounds? Not very likely when I've got over 11000 pounds coming my way and a life here in London. The risk that HM Treasury won't repay me? Don't worry, the Brexit bill won't be that large! So negligible risk if you follow their stated process for recovering funds (see direct. gov. uk / guidance/apply-for-a-repayment-after-a-company-has-been-restored-to-the-register-cb4) which I'm doing.
In the enormously unlikely event I can't recover the funds from the Treasury, I can repay the 2500 from other means in a slightly longer time-frame as I have clients who owe me money (good old 45-day invoicing, you know how it goes) plus I'm selling a property for 670 thousand pounds (yes I can provide all the proof of that also) which should complete in the next 2 or 3 months - so I just need a short-term bridge loan to quickly process the recovery of the 11000 pounds from the Treasury. It's quite simple.

As commented several times earlier, my accountant doesn't lend money.

Any serious enquiries from private lenders still entirely welcome! Full information will be provided!

So, questions as yet unanswered.

What did you accountant say (he’s in for £1,700 so stands far more chance of getting this back. Also, he is as well placed to lend money as most on here

What personal avenues have you pursued and what was the response?

Have you considered spot factoring the debts?

I won’t even go into our differing view on credit risk other than to say that every single proposal I see is apparently ‘no risk’, yet pre filtering about 80% will default.

 

[Mr D]

James so what you are telling everyone is that you do not need to borrow anything.

 

[MartinCivil]

James so what you are telling everyone is that you do not need to borrow anything.

Yes, just wait until the sale goes through and then use that money presumably?

 

[KAC]

.. or if you're rich enough to own a property with a value of £670K, you must have some assets of interest to a pawnbroker. They won't be interested in whether or not HM Treasury cough up and will just give you the cash

 

[James B]

So, questions as yet unanswered.

What did you accountant say (he’s in for £1,700 so stands far more chance of getting this back. Also, he is as well placed to lend money as most on here

What personal avenues have you pursued and what was the response?

Have you considered spot factoring the debts?

I won’t even go into our differing view on credit risk other than to say that every single proposal I see is apparently ‘no risk’, yet pre filtering about 80% will default.

My accountant said he doesn't lend money. (He joked that in fact, he sometimes has to do the opposite - take clients to court to get paid.)

My family don't have the means to help me. Yes I'm exploring all avenues.

Ok, so how would I spot factor the debts? If you can recommend someone to discuss that with, I'd be very grateful, as I don't know who offers such a service.

You can't seriously be suggesting that HM Treasury will default on repaying me my money, surely? I think we can take the UK government as a pretty solid payer...

 

[James B]

James so what you are telling everyone is that you do not need to borrow anything.

Where did I write that?

Short-term bridge loan required, so that I can recover the 11k from HM Treasury without waiting another six or seven weeks to get paid or 3 months for a property sale to complete. It's pretty simple.

 

[James B]

Yes, just wait until the sale goes through and then use that money presumably?

Short-term bridge loan required, so that I can recover the 11k from HM Treasury without waiting another six or seven weeks to get paid or 3 months for a property sale to complete. It's pretty simple.

 

[Mark T Jones]

Bridge against the property

Unfortunately to me very loud alarm bells are ringing - I’m outa here.

 

[James B]

.. or if you're rich enough to own a property with a value of £670K, you must have some assets of interest to a pawnbroker. They won't be interested in whether or not HM Treasury cough up and will just give you the cash

An amusing assumption, but not so, sadly...

I have no Rolex, diamonds, Picassos on the wall, Ming vases, etc. just some furniture & a TV.

 

[KAC]

It's pretty simple.

So is going to a pawnbroker if you are so confident you will have the funds to redeem

 

[KAC]

An amusing assumption, but not so, sadly...

I have no Rolex, diamonds, Picassos on the wall, Ming vases, etc. just some furniture & a TV.

A car for a logbook loan?

 

[James B]

Bridge against the property

Unfortunately to me very loud alarm bells are ringing - I’m outa here.

I thought you were going to comment re: spot factoring, no?

 

[James B]

A car for a logbook loan?

Darn it. If only I owned a car.

But I live in London and use public transport.

Thanks anyway...

 

[The Byre]

£2,500 is an absurdly small sum of money and there are one thousand ways to raise such a small sum, such as depositing you logbook to your car with the bank, or going to a pawn broker with some valuables, or running up a bit of CC debt, or just knocking up friends and relatives.

The fact that you are dying for want of just £2,500 tells me that those who know you don't want to lend you the money, your credit rating is bust and you are otherwise, like Mr. Micawber, totally impecunious. When lending a person money, nothing is served by legal documents, when there are no means or properties to attach in the case of default.

Or as a friend of mine once said "You cannot pick the pocket of a naked man!"

 

[Mr D]

Where did I write that?

Short-term bridge loan required, so that I can recover the 11k from HM Treasury without waiting another six or seven weeks to get paid or 3 months for a property sale to complete. It's pretty simple.

And you think HM treasury will respond to you by return with a cheque?
Have you asked the people responsible the timescale involved?

Oh and where you wrote that was:
Posted: Today at 4:14 PM By: James B Member

 

[Ian J]

I thought you were going to comment re: spot factoring, no?

https://www.factoringsolutions.co.uk/spot-factoring/

 

[Mark T Jones]

https://www.factoringsolutions.co.uk/spot-factoring/

Ian several pages on your site are unresponsive on my iPad.

 

[ethical PR]

You can't seriously be suggesting that HM Treasury will default on repaying me my money, surely? I think we can take the UK government as a pretty solid payer...

No we are seriously suggesting that you could.

Then you go on to suggest the money would be safe in any case because the lender could take you to court if you don't pay. Hardly inspires trust does it?

If you are a good risk

a) friends and family would lend you the money
b) banks would lend you the money
c) you would have a credit card you could max out

Failing all those you could get a pay day loan.

If you can't even get one of those.....

 

[Ian J]

Ian several pages on your site are unresponsive on my iPad.

Thanks Mark. I hope that it was an isolated problem as I can't any that are unresponsive now

 

[James B]

£2,500 is an absurdly small sum of money and there are one thousand ways to raise such a small sum, such as depositing you logbook to your car with the bank, or going to a pawn broker with some valuables, or running up a bit of CC debt, or just knocking up friends and relatives.

The fact that you are dying for want of just £2,500 tells me that those who know you don't want to lend you the money, your credit rating is bust and you are otherwise, like Mr. Micawber, totally impecunious. When lending a person money, nothing is served by legal documents, when there are no means or properties to attach in the case of default.

Or as a friend of mine once said "You cannot pick the pocket of a naked man!"

Please read the many previous comments covering your points, including the one on property. Or are you just deliberately trolling now? Not sure...

No one is dying. I'm just seeking a short-term bridge loan due to cash-flow delays. Thanks.

 

[Gordon - Commercial Finance]

You have a £670k property you should easily be able to secure lending on. I think people are being a bit dismissive of your "lending opportunity" because things just don't seem to stack up. For a start, you keep talking about a "bridging" loan, which this is not. Bridging loans are secured against property - I know this because I arrange them all the time. There is not a single situation on a bridging loan where there's no property involved. Any lending which is as you are describing is an unsecured personal loan. Very different indeed to a bridging loan. The questions that you haven't answered include:
- Why can't you get a cash back credit card? I got one of these very easily a while back and £14,000 was in my account within 24 hours.
- Why will the bank not give you an unsecured personal loan?
- Why can't you wait 3 months until the house sale goes through?
- Why can't you secure money against the house?
- Why can't you get unsecured loans from a short term loans company?
- Why does someone whose situation suggests you are of considerable means have a problem finding £2,500?

We don't want to know if you have tried these things or not, we would like to you WHY you couldn't fund it this way. If you have tried these methods, then you have approached seasoned financial institutions who employ risk experts for lots of money. If they have made a judgement on the riskiness of this "opportunity", then we don't need to...

 

[James B]

And you think HM treasury will respond to you by return with a cheque?
Have you asked the people responsible the timescale involved?

Oh and where you wrote that was:
Posted: Today at 4:14 PM By: James B Member

Their process is clearly stated on direct. gov. uk as previously posted. It takes around 4 weeks, but could even be quicker.

Your interpretation of what I wrote isn't quite right. As I stated, a property sale will take 2 or 3 months, hence the need for a short-term bridge loan...

 

[James B]

https://www.factoringsolutions.co.uk/spot-factoring/

Thanks Ian. Very helpful!

 

[James B]

No we are seriously suggesting that you could.

Then you go on to suggest the money would be safe in any case because the lender could take you to court if you don't pay. Hardly inspires trust does it?

If you are a good risk

a) friends and family would lend you the money
b) banks would lend you the money
c) you would have a credit card you could max out

Failing all those you could get a pay day loan.

If you can't even get one of those.....

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.

 

[Mark T Jones]

I think people are being a bit dismissive of your "lending opportunity" because things just don't seem to stack up.

..

To put it mildly)

@James B I really suggest you stop preaching your naive 'understanding' of debt recovery and focus on giving useful information by answering @Gordon - Commercial Finance questions

 

[James B]

You have a £670k property you should easily be able to secure lending on. I think people are being a bit dismissive of your "lending opportunity" because things just don't seem to stack up. For a start, you keep talking about a "bridging" loan, which this is not. Bridging loans are secured against property - I know this because I arrange them all the time. There is not a single situation on a bridging loan where there's no property involved. Any lending which is as you are describing is an unsecured personal loan. Very different indeed to a bridging loan. The questions that you haven't answered include:
- Why can't you get a cash back credit card? I got one of these very easily a while back and £14,000 was in my account within 24 hours.
- Why will the bank not give you an unsecured personal loan?
- Why can't you wait 3 months until the house sale goes through?
- Why can't you secure money against the house?
- Why can't you get unsecured loans from a short term loans company?
- Why does someone whose situation suggests you are of considerable means have a problem finding £2,500?

We don't want to know if you have tried these things or not, we would like to you WHY you couldn't fund it this way. If you have tried these methods, then you have approached seasoned financial institutions who employ risk experts for lots of money. If they have made a judgement on the riskiness of this "opportunity", then we don't need to...

Thanks Gordon, I'm exploring all options including the ones you mention, but in some cases I have an ok but not quite good enough credit rating and in others I can't find the right people to speak with, hence seeking advice here & elsewhere. I can't wait 3 months because I need to recover the 11k from the Treasury sooner than that and use the funds to expand my business and cover some bills. The second charge companies I've spoken with only want to lend 25 or 30k minimum against a property and take about 2 months to set that up, so not much use in my time-frame. As I say, it's just a short-term cash-flow issue.
Can you suggest any short-term loan companies I can contact please?
Thanks.

 

[James B]

To put it mildly)

@James B I really suggest you stop preaching your naive 'understanding' of debt recovery and focus on giving useful information by answering @Gordon - Commercial Finance questions

Done

 

[Gordon - Commercial Finance]

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.