Borrowing money

[bazza3034]

Best institution to borrow money to buy some land

 

[Suffolk Serf]

What collateral do you have? What trading record do you have? Do you have an existing profitable business?

 

[RAF]

Bank

 

[Headless chicken]

Dodgy Barry. Better rates than dodgy Dave

 

[farmerm]

Mum and dad...

 

[betweenthelines]

Mum and dad...

Or any relative. Or anyone who has money spare. Seriously, get a friendly Auctioneer or Agent to put you in touch with someone who has money to invest.

You'll pay them a better rate of interest than the measly 0.5% my bank has just offered me.

 

[Sid]

Best institution to borrow money to buy some land

The one that will lend it to you!

You have to sell the idea and yourself to them!

 

[bazza3034]

What collateral do you have? What trading record do you have? Do you have an existing profitable business?

I would have pm that couldnt put that info up

 

[icanshootwell]

Last year would of been the Government, no checks done, tell them how much you want and the money drops into your account. They even gave you a free year, no setting up or interest payments.

For me on large sum probably AMC.

 

[Bald Rick]

May I just say that borrowing is the easy bit ......

 

[Sid]

May I just say that borrowing is the easy bit ......

It's the tax on the paying back bit some forget about.

 

[MrNoo]

2nd the AMC, they leave you alone to just get on with it and can be flexible if needed.

 

[fieldfarmer]

It's the tax on the paying back bit some forget about.

And on a million pound mortgage that's a significant amount at 40% if not a limited company. It hurts.

 

[DEADRED]

Best institution to borrow money to buy some land

Daddy....

 

[Bossfarmer]

And on a million pound mortgage that's a significant amount at 40% if not a limited company. It hurts.

whats that to pay back 60k a year over 25 yrs? if you are a limited company though and put the land in you dont actually ever own it the company does?

 

[Hilly]

whats that to pay back 60k a year over 25 yrs? if you are a limited company though and put the land in you dont actually ever own it the company does?

You have to make 60k first so if your higher rate tax payer you have to make 100k pay 40k tax 60k debts .

 

[Sid]

And on a million pound mortgage that's a significant amount at 40% if not a limited company. It hurts.

You have to make 60k first so if your higher rate tax payer you have to make 100k pay 40k tax 60k debts .

In first years the taxable capital part wouldn't be significant v the tax deductible interest .

 

[MrNoo]

whats that to pay back 60k a year over 25 yrs? if you are a limited company though and put the land in you dont actually ever own it the company does?

It'll be more than that, I was on £52k/yr for 20 for 750, did have a payment holiday for two years though for restructuring reasons so prior it would have been mid high 40's (cant remember without looking at the paperwork)
Of you own the Ltd Co then you own the land. It's the interest element that goes against tax

 

[bazza3034]

2nd the AMC, they leave you alone to just get on with it and can be flexible if needed.

Rang amc don't cover n.i unfortunately very nice lady ! At least she rang back

 

[MrNoo]

Rang amc don't cover n.i unfortunately very nice lady ! At least she rang back

Seems a rare that anyone rings back these days!! Didnt know that re NI, sorry