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From: Mike .
Cash to spend on IP
From: KJ
Date: 12 Feb 2001
Time: 16:26:56
I'd like to purchase cheap in Bris & renovate, and increase the value. My hope is that the valuation will be 25% more than I paid for it & the renovations. The bank would then lend me 80% of the value, which will mean that only that house can be used as security.
I'm selling a house in the UK (it was tenanted for free by a family member) and will end up with $250K cash. Should I use this cash to purchase & renovate, and then get the bank to lend me the full amount after renovations are complete ? As an alternative, I have lots of equity in my existing house that could cover the whole cost of purchase & renovation. Thanks for any ideas.
Cash to spend on IP
From: KJ
Date: 12 Feb 2001
Time: 16:26:56
I'd like to purchase cheap in Bris & renovate, and increase the value. My hope is that the valuation will be 25% more than I paid for it & the renovations. The bank would then lend me 80% of the value, which will mean that only that house can be used as security.
I'm selling a house in the UK (it was tenanted for free by a family member) and will end up with $250K cash. Should I use this cash to purchase & renovate, and then get the bank to lend me the full amount after renovations are complete ? As an alternative, I have lots of equity in my existing house that could cover the whole cost of purchase & renovation. Thanks for any ideas.
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