I told my friend to get private finance to buy his next home… I used to lend money via my solicitor, …?

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I remember getting 3percent more than in the bank for monies I loaned out on first mortgage.
I am in a different country now and don’t have any business contacts in London, U.K; where should he find private finance?

He, (bachelor) has one house with no mortgage let at 175.00 per week. and another house with a 20,000 pound mortgage which he lives in, and he has 110,000 pounds in 30-day-time-deposit at the local bank.

He has income from a government disability pension of 200.00 pounds per week.

so, he has net cash per week after his domestic expenditure.
… 300.per week
and asetts of 700,000.00 pounds.

could he easily obtain a loan to buy a different house to live in?
Even an interest-only loan, -he has enough money to pay it.
He has his eye on a house that is 270,000.00 pounds.

Should he sell one or other of the houses or just let out, the second house and move to the new house.

Hope you can help; I’ll show him your response.
Thank you very much.
daniel.

1 Comment
  1. Reply
    Bottom Line Results
    May 4, 2011 at 4:16 am

    Luckily your friend has some cash. To find private finance his first stop is to ASK the guy selling the property if he will carry the finance. Your friend has cash to put down so this will be very quick to do as there is no bank to jump Thur hoops for.

    Another good source is to ask the title companies and real estate lawyers(not sure what they are called in the UK) they both with private parties who have cash they would like to lend all day long.

    I would avoid at all cost trying to go to the bank to get a loan. Just to much of a pain in the ass.

    If it was me i would use the money in the bank to put a down payment on the house that he wants(provided of course that the owner will carry the finance)

    This deal is very easy to put together.
    Call me on Skype at: http://www.skype.com/share/skypeprime/join/?&call=&skypename=Cash4notes
    I have a lot more ideas to help you and you friend out.

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