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No The main qualifying criteria is on the website www.promisemoney.co.uk/start-up-loan/

Depends on first or second charge. Purchase or remortgage. Residential property or commercial. Budget £1500 to 2500

@@PromiseMoney1 thank you.. It’s for a second charge bridging loan using 2 residential properties as security, to raise just 100k

@@rahulkukar3929 as there are two properties involved, that’s extra costs. However, on second charge is the solicitors fees tend to be lower. There are some blenders which are very good at doing second charge bridging. There are others which are not so good. It also depends on whether the residential properties you refer to our owner occupied or rented out. There is still lots of variables This is definitely not a DIY project. Your broker should sort this out for you and giving you the answers.

yes probably. go to www.promisemoney.co.uk/start-up-loan/ and apply

if that is a business you are starting then yes. If it is to renovate your own car, No

Glad it was helpful!

I've just counted the lenders on our panel and there are a total of 52. You need a broker. Or contact all lenders yourself to make sure you're getting the best deal for you. Keep watching the videos. They might help

@@PromiseMoney1 can I have name of say 2 or 3 commercial lenders, if possible

Lloyds, barclays, hsbc, natwest, together money, interbay. Have you watched the videos on investment property and owner occupied property? Do yourself a favour. Talk to a broker. Any broker-not necessarily Promise Money

This is a tricky one. Lenders tend to look at worst case scenario I'm rely on the value of the house if it were empty. However, they also taken to consideration the comments and figures provided by the valuer. It really depends on what's been done to the property to set it apart from being a straightforward House. We have one at the moment, which is an HMO, where the valuer has put 0 value on it. He has stated it is an area where there is no demand for HMO's and the property is not capable of being sold as a straightforward house as the main living rooms have been converted to self-contained bedrooms with ensuite. I think you really need to be clear about what work has been done to your property and how easily it can be converted back to a house. Share this information with your broker There are many buy to let lenders which consider hmo's and service to accommodation. But once the property is considered by the value are to be too commercial, they lose interest. With regards to the Investment value here is an extract from one lenders criteria. It is fairly vague but it gives you an idea of how they are thinking. Most lenders don't publish this degree of detail so don't rely on being able to remortgage at investment value until you have made further enquiries and taken into consideration location, demand, capability of the property to be converted back to a house, etc Extract from a lender criteria House in multiple occupation (HMO) A property is a HMO if at least three tenants live there, forming more than one household, and sharing toilet, bathroom or kitchen facilities. The applicant must have a minimum two years’ lettings experience as a landlord, and the application must be made through our portfolio application process, even if the customer is classified as non-portfolio under PRA regulation. The following minimum HMO values will apply: - Up to 10 rooms, the property value must be greater than or equal to £100,000 Up to 20 rooms, the property value must be greater than or equal to £150,000 At our discretion, and where considered appropriate, an investment valuation may be obtained. Where the property has been purchased in the last 12 months and there has been an uplift in value, it will be subject to a maximum 70% LTV. Where the property has been purchased in the last 12 months, but the property value and lending requirements equate to a like for like transaction, we may consider lending more than 70%, subject to product criteria. Where the property was acquired more than 12 months ago and there has been a significant recent uplift in valuation, we may still limit the advance to a maximum 70% LTV. Investment valuations As a guide only, an investment valuation may be adopted where the property is no longer capable of being assessed as a single residential dwelling either due to the overall level of occupancy or its subdivision into separate units. For multi-unit properties (purpose built or converted) an investment valuation will be undertaken. For HMO’s, an occupancy level of five or more tenants will normally require an investment valuation

Sure. Send it to sales@promisemoney.co.uk

If you’ve been trading for less than two years, but the company has been set up for longer, try the start-up loan

If the loan has 12 months interest built into it, but you exit before the end of month seven, the general principle is that the remaining three months are deducted from the settlement figure. I.e. you don’t pay them

If you are looking to buy a commercial property for investment purposes, you will struggle to get 75% loan to value, unless you have previous investment experience. If you’re looking more towards semicommercial property, where there is a strong residential element, make it more than 50% of the total, it might be easier. Of course, if you want to buy commercial property, which your business will trade from, investment experience is less important, and they will focus more on the strength of the business and trading accounts Hope this helps

all lenders are required to focus on the applicant to some degree to meet their money laundering requirements. The days of simply relying on the asset and repossessing if their is a problem largely ended after the 2008 credit crunch apart from bridging loans. But bridging loans need to have a decent exit as the term is generally 2 years maximum. Of course there are lenders which are more relaxed than others but teh rates may be higher. That then puts pressure on serviceability and the amount loan available. Lots of options but perhaps not as you suggest

Thanks for your comment and for suggesting bridging loans as well. can I contact you for further discussions at a rate?@@PromiseMoney1

Thanks so much -please keep sharing

The rules have been revised a little since I did the video. Therefore it’s best to check on the government website. I believe you need an EPC if you let it again. Not if you intend to live in it.

Potentially that’s possible The lender will check your business plan so that should not happen

The seller gets the agreed purchase price which is obviously lower as he has not done the work or incurred the costs of increasing the value The purchaser has done this at his own risk so should benefit from the upside

I’m not sure why you would want that. Commercial mortgages work differently and there are many options on how to structure them I suggest give us a call on 01902 585052 and discuss the scenario. If I am on the phone ask for Helen

Yes, they are available for limited companies. It would alter your chances of getting a buy to let mortgage other than taking a secured. I will have used up more equity in the property. It’s always best to look at both options at the same time and see which works best

Sorry. It really depends on the numbers and your experience Feel free to email details to sales@promisemoney.co.uk

@@PromiseMoney1 Will do, many thanks!

Exceptional video. Super informative. Highly recommended!

It sounds like you need a business coach - google it - there are thousands of them I cant comment on the 300K loan as we dont know enough about your business. You say you are about to borrow 300K which suggests you already have it agreed If the business is established with 2 or 3 years strong profits to support the loan repayments there may be some unsecured options. If you own property there may be secured / mortgage options If the business is fairly new getting a 300K loan at sensible rates may be tricky. The start up loans offer business mentoring but that is limited to 25K loan per director. If you have equity or 2 years good accounts, speak Ian on 01902 585052

If you are starting a legitimate business and have a written business plan there is a good chance you will be accepted

I think it’s very unlikely, unless the funding was used to build a platform, rather than to actually start trading

A start-up loan won’t do it for you. I suggest you give me a call and we can talk about options. Call (01902) 585020 and ask for Steve or Helen

Maybe get a course in grammar for starters...

Call (01902) 585020 or go via the website Promisemoney.co.uk Or email sales@Promisemoney.co.uk

You will really struggle to find a lender in Northern Ireland for a regular expat buy to let mortgage. If you have a UK credit footprint or there is a story which suits a bridging loan you may have a chance. If you want somebody to look at it for you, please email full details of the purchase property and your background and longer term intentions to sales@promisemoney.co.uk.

Apply here. www.promisemoney.co.uk/unsecured-start-up-loans/. It’s a government backed scheme so far less worried about your credit score. Just make sure you have a written down business plan and cash flow forecasts to demonstrate how you think the business will work. When you apply you will be appointed a business mentor, who will help you with all of this

To be honest, getting a commercial mortgage as a first time landlord isn’t easy because most lenders simply don’t do it. You might be able to persuade one of the mainstream lenders to take you on by showing plenty of relevant experience. Otherwise, the choice of lenders are fairly expensive, and you are likely to need a large deposit. If you already own property/assets it helps, including your own home. However, if you are a first-time landlord, and you live in rented accommodation, and no other property, expect to be paying rates around 10% and needing a 35% deposit. For first-time landlords, it’s much easier to start off with buy to let properties and move onto commercial investment properties once you have some experience. Having said that, I’m currently arranging a mortgage for a first time landlord who is a homeowner and currently rent commercial premises, where he runs his successful business. This has given him some limited experience in dealing with property, albeit as a tenant, and running his type of business shows a certain amount of entrepreneurial ability.

It is unlikely that any lender will assist you without previous experience and plenty of skin in the game. I suggest you try and find an experienced JV partner.

@@PromiseMoney1 myself and my business partner both work in the house building sector one of us is a QS and the other a site manager, 12 years experience between us. Does this count as experience? Thanks

That would certainly help with some lenders. Have you thought of approaching the landowner and agreeing a JV with him / her. set up a company between you - he puts the land in - you do the works - and agree a profit share. good for him as he gets more than just the purchase price. This would be much easier to get funding on. Good luck

@@PromiseMoney1 that’s a good shout! Cheers!

This loan is probably your best chance. Watch the video and there is a link where you can apply online.ua-cam.com/video/matBPaoPwG8/v-deo.html. It’s a government backed scheme to help new businesses, so all the relevant information is on the website plus, when you apply, you get a mentor to help you with the application The other option would be to offer some sort of security for a secured loan or mortgage, but you need to be currently earning enough to support the repayments

Sales@promisemoney.Co.uk or call (01902) 585052. Open from 8.30am Monday

@@PromiseMoney1 Many thanks. Who is the best person to talk to please?

@@benaldridge3870 Helen or Steve

A swap rate is a rate based on what the markets think interest rates will be in the future. If these rise, then mortgage lenders will increase their rates so that they don't lose out. Generally speaking, if swap rates go down, mortgage rates go down.

2 year fixed is safest and cheapest generally

I would always advocate getting advice specific to your circumstances and recently many 5 year fixed deals have been at lower rates than 2 year fixed. Ultimately it's a gamble as no one has a crystal ball. Most advisers seem to be going for 2 year deals as it is a compromise between a 5 year deal and a tracker. But that might not be right for you... depending on your circumstances.

@@PromiseMoney1 show me a 5 year fixed mortgage deal that is cheaper than a 2 year fixed mortgage deal and I will believe you.

@@badboytomas I said recently and I opted for a two year even though it was at a higher rate. Lenders are repricing daily so very fluid

Glad it was helpful!

Check out the unsecured start-up loan tab on the website. There is a video and an application form. You can complete online to get the ball rolling. If there are two directors or business partners, this could raise you £50,000 are unsecured loan at 6%. Www.promisemoney.Co.uk

This is probably the loan you need. Click on the link to apply and get your business partner to the same. That could get you £50 K Check out the details here. www.promisemoney.co.uk/unsecured-start-up-loans/