From: Silver Ghost
Don't panic - I'm not hussling for business, so don't scream at me for not going to Caveat Emptor - I'm just looking for some feedback if anyone has had any relevant knowledge / experience.
I had a classic 'worst house in best street' property lined up last week, going to auction on Sat. I got pre-approval for 75% finance of my maximum bid (above which the numbers to buy it as an investment property didn't add up) and had a partner for the rest plus costs etc. The deal was I pay him 20%p.a. with earliest release of funds in 6 months.
Friday morning he rings me and says something's happened, he's gotta pull out of the deal. Spent a very busy Friday looking for replacement funds which needless to say, with such little time left, I failed to do.
Question - has anybody ever used solicitors' funds for property investment purposes, and if so, what are the terms of the deal, what interest do they want and how quickly can you get the funds?
Do any Forumites use private funding this way, and if so, how do they find these private investors and what terms and conditions do they offer? (i.e. there's a lot of people with a lot of money out there looking for somewhere to invest, so how do I find them?)
Any learned advice would be much appreciated.
SG
PS if anybody says that I should have had a couple of backup investors standing by in case something happened, I shall personally come round and shoot them. I know that. Now where are all you people with heavy investor contacts??? Speak up. Don't be shy.
Don't panic - I'm not hussling for business, so don't scream at me for not going to Caveat Emptor - I'm just looking for some feedback if anyone has had any relevant knowledge / experience.
I had a classic 'worst house in best street' property lined up last week, going to auction on Sat. I got pre-approval for 75% finance of my maximum bid (above which the numbers to buy it as an investment property didn't add up) and had a partner for the rest plus costs etc. The deal was I pay him 20%p.a. with earliest release of funds in 6 months.
Friday morning he rings me and says something's happened, he's gotta pull out of the deal. Spent a very busy Friday looking for replacement funds which needless to say, with such little time left, I failed to do.
Question - has anybody ever used solicitors' funds for property investment purposes, and if so, what are the terms of the deal, what interest do they want and how quickly can you get the funds?
Do any Forumites use private funding this way, and if so, how do they find these private investors and what terms and conditions do they offer? (i.e. there's a lot of people with a lot of money out there looking for somewhere to invest, so how do I find them?)
Any learned advice would be much appreciated.
SG
PS if anybody says that I should have had a couple of backup investors standing by in case something happened, I shall personally come round and shoot them. I know that. Now where are all you people with heavy investor contacts??? Speak up. Don't be shy.
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