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loan/mortgage for a site

  • 10-01-2022 1:04am
    #1
    WhiteWalls
    Registered Users Posts: 945 ✭✭✭


    I've just seen a site which I would like to purchase.

    I'd need a loan of 100k for it though. I don't however have time to get a mortgage in the sense of showing proof of saving etc for 6 months.

    Could I get a loan of 100k from any bank/credit union that's not a mortgage and just a loan?



Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,363 Mod ✭✭✭✭Jim2007


    Banks are in the business of giving loans, but none of them are going to hand you a 100k be it a mortgage or otherwise without assessing your ability to pay it back and the valuation of the collateral you will put up in order to secure it.



  • #3
    Static M.e.
    Registered Users, Registered Users 2 Posts: 3,088 ✭✭✭Static M.e.


    What Jim said.

    What you are looking is a loan for the site, rather then a mortgage unless you plan on building on it shortly (?), but you will still need to show that you have the ability to pay back the loan. I don't think that any of the major banks will give you a 100K of a loan, as any I have checked are up to a max of €75K.

    Very roughly a loan of 75K will probably cost you 98K over 10 years with a monthly payment of €825. Over 5 years it's €1,400 a month.



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