Shed building with scarce money

KatyMac

I'm trying to organise the building of my shed this year. I'm buying the steel within the next couple of weeks. Only problem is not having the necessary dosh in the back pocket to finish it.
I'm wondering is there any point going to bank and looking for a loan that can be paid in large(ish) sums towards the end of the next maybe 2 years?
I never have money during the summer and the family have got used to eating regularly, but with sales, payments and (hopefully) GLAS I'd have some later. What do ye think - worth a go?

freedominacup

KatyMac wrote: »

I'm trying to organise the building of my shed this year. I'm buying the steel within the next couple of weeks. Only problem is not having the necessary dosh in the back pocket to finish it.
I'm wondering is there any point going to bank and looking for a loan that can be paid in large(ish) sums towards the end of the next maybe 2 years?
I never have money during the summer and the family have got used to eating regularly, but with sales, payments and (hopefully) GLAS I'd have some later. What do ye think - worth a go?

It's a right fcuker when they get used to regular feeding. There's all sorts of complaints if you try to cut them back.

You'll need the usual. Couple of years accounts, bank statements, payslips if you have them.

Buford T. Justice XIX

KatyMac wrote: »

I'm trying to organise the building of my shed this year. I'm buying the steel within the next couple of weeks. Only problem is not having the necessary dosh in the back pocket to finish it.
I'm wondering is there any point going to bank and looking for a loan that can be paid in large(ish) sums towards the end of the next maybe 2 years?
I never have money during the summer and the family have got used to eating regularly, but with sales, payments and (hopefully) GLAS I'd have some later. What do ye think - worth a go?

Why don't you put it over 5 years and if you have money earlier, you can pay it off earlier? It would help insulate you from any shocks in the system if some payments were delayed.

Banks aren't too keen in lending for shorter terms than 5 years, from what i hear around me.

Alibaba

Buford T. Justice V wrote: »

Why don't you put it over 5 years and if you have money earlier, you can pay it off earlier? It would help insulate you from any shocks in the system if some payments were delayed.

Banks aren't too keen in lending for shorter terms than 5 years, from what i hear around me.

Agreed.

Apply for 5 years and if you can pay it off earlier there should be no problem. I've done it myself (no problems with them)

Will also give you a bit of leeway.

frazzledhome

I'd go for loan if in your shoes. I'd look for 7 yrs and I'd be in no hurry to repay.

They hate people looking for unrealistic short payback as they know shyte happens and things don't always go to plan.

3 yrs accounts inc last yrs. do a budget of your income and expenditure for next 3-4 yrs including drawings.

Get a good estimate of the cost and build in 25% contingency to that figure. Nothing at all wrong with using their money and paying a fee for same.

Keep your own cash flowing as the family won't be happy if the cows have a good roof while that have to eat TAD

KatyMac

Thanks for that lads. I'll gather my stuff over the weekend and go to bank on Tuesday and see what they say. I keep saying I'd be able to overwinter more cows if I had a decent shed, present one was build in 1950s and is getting a bit frayed around the edges! I'll let ye know how things pan out and hopefully will have pics to put up by end of the year!!!!

yellow50HX

Katy,

Have you stuck your name in for TAM II? Granted if needs to be done to dept spec to get the grant but worth it in the long run espically if you can get the 60% grant. Also any VAT on building work and materials can be claimed back.

Build the slatted shed during FYM scheme a few years ago when money was tight and while I had to get a bridging loan I had the shed paid for in a year.