Is it possible to get this as a newly self employed driver with poor credit? Looking for a van and insurance to save money on rental costs ?
@steveslifereviews6 күн бұрын
@@joebyrne6129 yes it is possible. Give it a try
@smigielko8 күн бұрын
Is the deposit classed as allowable expense when doing a BTL via LTD?
@stevewalker83638 күн бұрын
it is part of the purchase price so probably not an expense unless you are trading property. Suggest you ask an accountant who understands your business for tax advice. We cant advise on this
@PhungTran110 күн бұрын
Hi, can i apply for this loan to open nails salon please?
@steveslifereviews9 күн бұрын
@@PhungTran1 yes. Apply via the website and you will be contacted by someone who will help to put your application together
@NealMellor16 күн бұрын
Hi. I am a retired expat, currently mortgage free living in New Zealand. A couple of years ago, I sold my original UK family home and split the proceeds with my ex wife. I was heavily taxed by Capital Gains and now have approximately £400k sitting in a UK bank account. I would like to invest that money into a UK property to provide a future home, if and when I return to live in the UK. I am reluctant to get caught again with CGT. What would you recommend? Neal
@Edward-bn2vw17 күн бұрын
Turn the f-ing music off!
@pekekknowledge1803Ай бұрын
Great job, Sir.
@lifechange108Ай бұрын
Hi sir I am from Bangladesh can take a loan for my business is it possible or not
@PromiseMoney1Ай бұрын
@@lifechange108 these loans are aimed at businesses owned by people with UK resident status So it may not be possible. Sorry.
@liszaf3976Ай бұрын
hi, thx for the info, how can you keep a UK foot print other than a bank account, may thanks. And is it easier to refinance a UK property that doesn't currently have a mortgage but has been let out for the past 4 years, may thanks
@PromiseMoney1Ай бұрын
Lenders requirements vary put a bank account is the best way. Also consider paying utility bills in your name on uk property and remaining on the voters roll. If you have a property in the uk which is let out, you can read mortgage it to raise capital. The fact that there isn't a mortgage on it isn't helpful as that would also give you a credit footprint. Typically we would gather all of the relevant information and then go to the whole market to see who is prepared to lend. It would may well be a specialist lender rather than a high street lender
@maxwellfoli16952 ай бұрын
Absolutely incredible! Thanks
@stevehodge62012 ай бұрын
Interesting video. Appreciate your time. I'm actually a director of a building company, well established and very busy. However, developments seem a natural progression for me. We are on the bank end of covid recovery so outside of experience and a few vehicle assets we wouldn't have much cash to put in. With the right deal would a lender consider 100% finance? I would likely be able to get investors that I have worked for previously it would be like working for a customer so not ideal.
@stevehodge62012 ай бұрын
To add. I get offered lots of off market development opportunities, most with planning granted, have the team and the know how including architects, engineers, building Inspectors and good relationships with local agents. With good finance I suspect we could do really well.
@heynicky11093 ай бұрын
Super helpful. Thank you x
@PromiseMoney12 ай бұрын
You’re welcome 😊
@holsik80843 ай бұрын
Do I need to be currently employed or have income to apply for startup loan?
@PromiseMoney13 ай бұрын
No The main qualifying criteria is on the website www.promisemoney.co.uk/start-up-loan/
@rahulkukar39293 ай бұрын
What is the rough cost of legals that I can be expected to pay on behalf of the lender for a bridging loan of 100k? It’s my first time and I want to have awareness of my added expenses Thanks
@PromiseMoney13 ай бұрын
Depends on first or second charge. Purchase or remortgage. Residential property or commercial. Budget £1500 to 2500
@rahulkukar39293 ай бұрын
@@PromiseMoney1 thank you.. It’s for a second charge bridging loan using 2 residential properties as security, to raise just 100k
@PromiseMoney13 ай бұрын
@@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.
@macedoneca10004 ай бұрын
Is it possible to get startup loan to start a real estate company?
@PromiseMoney14 ай бұрын
yes probably. go to www.promisemoney.co.uk/start-up-loan/ and apply
@Lee-ie6kh4 ай бұрын
Hi, I am wanting a 25k loan for classic car renovation, would this loan be ideal for that ?
@stevewalker83634 ай бұрын
if that is a business you are starting then yes. If it is to renovate your own car, No
@Catcatcat32105 ай бұрын
very helpful, thanks
@PromiseMoney15 ай бұрын
Glad it was helpful!
@chrisanstis5 ай бұрын
Looking for a commercial property lender not a broker, can anyone help
@PromiseMoney15 ай бұрын
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
@chrisanstis5 ай бұрын
@@PromiseMoney1 can I have name of say 2 or 3 commercial lenders, if possible
@PromiseMoney15 ай бұрын
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
@HaisonthewayV26 ай бұрын
Can I get a loan to be an existing business? And what will be the best way of getting a loan of £110,000?
@patrick49126 ай бұрын
Thanks for posting this, very insightful. Quick question, I have a house that I've been running as a serviced accommodation for a year now. The house was valued at £115,000 but now it's a SA it's making £3,500-£4,000 per month. I am looking to finance the house to buy another unit, it's totally mortgage free at the moment. I was wondering how the house would be valued with the capital that it's earning, can this be taken into consideration or is it just the value of the bricks and mortar?
@PromiseMoney16 ай бұрын
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
@timsmalley19867 ай бұрын
Is there a email address i can send a scenario to and see if its possible with a bridging loan?
Need a loan for a laundry Ltd company been up set for 2 years got a premises a year ago been doing construction on the building ready to open, but could use a loan to cover last expenses
@PromiseMoney17 ай бұрын
If you’ve been trading for less than two years, but the company has been set up for longer, try the start-up loan
@99630547 ай бұрын
well done great video, what if I get a bridging for 12 mounth and I ready to remortgage in 7 mounth
@PromiseMoney17 ай бұрын
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
@gkiiizy60687 ай бұрын
Ah sod it not for drug dealing 😢
@bartoni797 ай бұрын
Can I get a commercial mortgage with 75% LTV if I’ve never owned a BTL or commercial property before?
@steveslifereviews7 ай бұрын
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
@fedgraca64348 ай бұрын
isnt there a mortgage that doesnt focus on the applicant, but rather focus on the asset and an easy repossession process so the bank is relaxed about lending to a foreigner?
@PromiseMoney18 ай бұрын
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
@fedgraca64346 ай бұрын
Thanks for your comment and for suggesting bridging loans as well. can I contact you for further discussions at a rate?@@PromiseMoney1
@FaceSlider7508 ай бұрын
This channel deserves more views and subscribers. Thanks for what you do for us, please keep the videos coming
@PromiseMoney18 ай бұрын
Thanks so much -please keep sharing
@billy3sheds8 ай бұрын
Hi i follow your blogs Thankyou very informative..i recently watched you blog on epc s .as a landlord of a property i rent .i was just unsure on epc regs as far as exemptions.bassiclly .i have inherited a property with tenants that has no epc over a year ago .and im looking at taking back control of my property.within the next 6 months .do i still need an epc . Thanks i hope that makes sense
@PromiseMoney18 ай бұрын
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.
@DeenVibes999 ай бұрын
Hi, if the business does not work out, is there any way that you can close it down and not repay the money?
@PromiseMoney19 ай бұрын
Potentially that’s possible The lender will check your business plan so that should not happen
@Harry-d1c9 ай бұрын
what does the seller get in this example? is it 200k or 300k?
@PromiseMoney18 ай бұрын
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
@steveslifereviews9 ай бұрын
Pleasure. Good luck
@MariyaLamers9 ай бұрын
very helpful, very thank you
@Austin-v1d9 ай бұрын
@MiguelLopez-fy9ii10 ай бұрын
🎉🙏🏼
@CarlSmith-ri2yf10 ай бұрын
Thank you for the video. Do you know if there is any ways i can get a loan ? I really could do with some extra money to pay for some healthcare treatment. I am working full time but with the cost of living still struggling. I would be super grateful for some help. I have a laptop and a couple of hours of daily free time. I lost my two front teeth in a car accident and want to get it sorted for confidence/self-esteem issues. It's going to cost around £4,000, and it would change my life as you would not believe. I am currently working in a office full time and sometimes do removals on the weekend. I would get it done if it I got into finance but i ruined my credit rating years ago with bad life choices. I'm just a genuine hard-working guy and would be super grateful for some help. Thanks
@Text_funny77710 ай бұрын
Can you get commercial properties on joint mortgage?
@PromiseMoney110 ай бұрын
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
@KM-pq7sr11 ай бұрын
Are these secured loans available for BTL properties in an LTD? If taking out a secured loan would it damage the chances of getting more Buy to let mortgages?
@PromiseMoney110 ай бұрын
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
@user-vi2gh6rl6n11 ай бұрын
Absolucly anonimato thak you
@Badar198011 ай бұрын
Very informative. Could you suggest any lenders that could lend on a multiple flats that require lease extension? I.e. buying the flats, extending the lease, thereby increasing their value and then refinancing?
@PromiseMoney111 ай бұрын
Sorry. It really depends on the numbers and your experience Feel free to email details to [email protected]
@Badar198011 ай бұрын
@@PromiseMoney1 Will do, many thanks!
@kemradon7 ай бұрын
Exceptional video. Super informative. Highly recommended!
@kristiyannikolov8473 Жыл бұрын
I am about to borrow 300k which will be mainly invested in people, some quitptment, larger office and marketing. So I'm struggling to find someone who will say “right,let me see how you are going to spend this money and here you can do this better also why don't you implement these survival strategies in case things go wrong so you wouldn't have to suicide due to inabilit to repay your money back to the bank” Please advice where can I find this person?
@PromiseMoney1 Жыл бұрын
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
@deejaay1008 Жыл бұрын
3.6%. Get me some of that!!
@kailashrawatofficial7140 Жыл бұрын
Great news .. Thanks for sharing Steve 🙏
@robsweatherchannel Жыл бұрын
How about just started but we have a community business that support residents and local people but we have projected £60k turnover but profit gross is 42k and NET £25,500 is there q way that we can have a loan for a projected income generated? Only started 3 months a go
@XeniaH-k4w Жыл бұрын
would an airbnb business be eligible for the loan?
@steveslifereviews Жыл бұрын
If you are starting a legitimate business and have a written business plan there is a good chance you will be accepted
@shannybeautifulchannel2410 Жыл бұрын
Want to Barrow loan
@EAO-ql8hk Жыл бұрын
Thank you for the video. I’m thinking of starting a cryptocurrency trading business. Would this loan be ideal?
@PromiseMoney1 Жыл бұрын
I think it’s very unlikely, unless the funding was used to build a platform, rather than to actually start trading
@crypt2732 Жыл бұрын
Hi, i and my Dr friend are buying a clinic in Harley street. Its is about 1.3m and rerurn over 750K per year. We dont have any businesses but have experience working in the field and marketing. Whats the best thing to do? The business has been operating since the 80s and large based of patients.
@PromiseMoney1 Жыл бұрын
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
@skavellion2799 Жыл бұрын
Maybe get a course in grammar for starters...
@barbershopvibeztv1126 Жыл бұрын
This sounds good how do I get in touch
@PromiseMoney1 Жыл бұрын
Call (01902) 585020 or go via the website Promisemoney.co.uk Or email [email protected]
@alexwalker6736 Жыл бұрын
Wow very helpful advice! 😍
@tallerthanevry1 Жыл бұрын
What banks or lenders offer them? Looking to buy in Northern Ireland.
@PromiseMoney1 Жыл бұрын
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 [email protected].
@teej70 Жыл бұрын
Is it possible to gain an unsecured start up loan if you have a low credit score? I have a business idea that I really want to get off the ground..
@PromiseMoney1 Жыл бұрын
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