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I have collateral!!!

  • 21-07-2010 7:48pm
    #1
    Duff Man Jr.
    Registered Users, Registered Users 2 Posts: 762 ✭✭✭


    I will (hopefully) soon will be looking for a mid-high 5 figure start up loan, gonna try all the banks etc. Presuming I have a pretty good business plan, what are my chances of getting the loan if I put my house up as security. (Obv I'm hoping for 100%.) The house is easily worth more than the remaining mortgage + loan amount.
    Thanks


Comments

  • #2
    EKRIUQ
    Registered Users, Registered Users 2 Posts: 4,387 ✭✭✭EKRIUQ


    They won't let you put your principle dewlling house up as collateral, and property at the moment means feck all to the banks.


  • #3
    Mr Biz
    Closed Accounts Posts: 75 ✭✭Mr Biz


    I will (hopefully) soon will be looking for a mid-high 5 figure start up loan, gonna try all the banks etc. Presuming I have a pretty good business plan, what are my chances of getting the loan if I put my house up as security. (Obv I'm hoping for 100%.) The house is easily worth more than the remaining mortgage + loan amount.
    Depends on your project. I've submitted business plans to approx four lenders for five figure sum recently. They all want to know; How much you have invested to date? (circa 25% would strengthen your case).. If it's for equipment? (If mostly for equipment, they question the resale value if business was to go bust) Other means of income and personal guarantees is a must.

    Again depending on your project, you could also try;
    www.j4bgrants.ie
    www.hban.org

    Anyone got Chucks number?? (((need more of these guys)))
    http://www.independent.ie/business/irish/billionaire-feeney-is-backing-interestfree-loans-to-firms-2260946.html


  • #4
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    Duff Man Jr. wrote: »
    I will (hopefully) soon will be looking for a mid-high 5 figure start up loan, gonna try all the banks etc. Presuming I have a pretty good business plan, what are my chances of getting the loan if I put my house up as security. (Obv I'm hoping for 100%.) The house is easily worth more than the remaining mortgage + loan amount.
    Thanks

    The bank already has the security over your house.


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