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Raising 50k by the end of the month

  • 09-05-2017 9:12pm
    #1
    durtybit
    Registered Users Posts: 384 ✭✭


    Purchasing a site and need 50k

    Already have 28k cash but want to keep some of that (say 10k) so really I have 18k.

    Who would be the best to get a loan from and the best scenario. Do I ..

    A. Go to credit union and ask for a loan straight out (probably for 32k)
    B. Do a top up mortgage from a bank for the 50k and keep the 28k cash
    C. Apply for both and see which comes up first
    D. Start looking to family for a loan of 22k and finance the 10k I wanted to set aside originally.

    Caveats
    Bank might also for too much to be approved in a 3 week period, credit union might take 2 weeks due to the size of the loan and their approval process.
    Family.. eek


Comments

  • #2
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    A bank shouldn't take 3 weeks to approve a personal loan. Most banks advertise personal loans up to 50k or so......tHough the term they give you might make repayments quite high as they'll not give terms comparable to a mortgage.

    Most banks would also prefer to finance on a secured basis but if you have a history with them, clean icb and can show repayment capacity then they'd be unreasonable to insist on security


  • #3
    durtybit
    Registered Users Posts: 384 ✭✭durtybit


    368100 wrote: »
    A bank shouldn't take 3 weeks to approve a personal loan. Most banks advertise personal loans up to 50k or so......tHough the term they give you might make repayments quite high as they'll not give terms comparable to a mortgage.

    Most banks would also prefer to finance on a secured basis but if you have a history with them, clean icb and can show repayment capacity then they'd be unreasonable to insist on security

    I would be looking to stretch it much longer that 10 years if I could


  • #4
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    durtybit wrote: »
    I would be looking to stretch it much longer that 10 years if I could

    That'd be a personal loan out of question then from main banks.

    What do you intend to do with the site? In my experience banks will only allow mortgage top ups for specific reasons but some may be more flexible than others given the competition in the market at the minute.


  • #5
    durtybit
    Registered Users Posts: 384 ✭✭durtybit


    368100 wrote: »
    That'd be a personal loan out of question then from main banks.

    What do you intend to do with the site? In my experience banks will only allow mortgage top ups for specific reasons but some may be more flexible than others given the competition in the market at the minute.

    Not sure, can afford the high payments for the 10 years but want to give breathing room. 2 years I could have 30k repaid. I'd say that eliminates the banks as mostly I would want to repay as early as possible to avoid the interest costs. Credit union on family


  • #6
    368100
    Closed Accounts Posts: 2,067 ✭✭✭368100


    durtybit wrote: »
    Not sure, can afford the high payments for the 10 years but want to give breathing room. 2 years I could have 30k repaid. I'd say that eliminates the banks as mostly I would want to repay as early as possible to avoid the interest costs. Credit union on family

    Well a secured loan on the land could be done but not within 3 weeks to get security in place.

    I'd rather credit union......as good as intentions are, family and money lending in a lot of cases don't mix well


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