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I'm looking to raise £30+K for 3 - 6 Months - any suggestions?What do you think of this idea? ........I have 2 debtors - one of £70K & the other of £40K. In both cases I have Judgement, and have charges registered against properties, in both cases worth approximately £1.2m, one unencumbered, the other with a mortgage of £220K. Neither debtor is making a move to pay up, so at some point I should go through the process of selling the debtor's properties to settle their debts to myself, however given that the debt principle is earning interest at 8.25% p.a there is no incentive to start this process early.However, given that I could do with accessing the cash, is there some mechanism by which I could use these debts as a security against a loan (of interest less than 8%!)?
Not on the market as far as I am aware.
You can sometimes sell debt according to the contract, but you may as well recover it in such a case.
Im not certain even a private lender would be interested, considering how difficult it may be to collect the debt in your absence/default.
If anyone would - perhaps borro. They do consider almost anything for bridging finance but in this case may be a long shot.
_________________________________________________________________________My posts are not financial advice but often me rambling - passing time on a coffee break.Our team at Bespoke Finance offers Limited Company Buy-to-Let and Cheap Life Insurance._________________________________________________________________________
Thanks Adam, you don't surprise me but I'm hoping a daft idea might gestate into a good one!
Send a letter saying to are proposing to sell the properties unless they pay up? Might give them a nudge?Offer the £40K debtor a £10K "haircut" if he pays you back £30K now?
Vanessa Warwick Landlord and Co-Founder of PropertyTribes.com **If you have got value from Property Tribes, find out how you can support it in remaining a free to use community resource**
Haircut - no way, you've seen my hair.
I'm guaranteed payment so why should I accept a penny less? At the court rate I'm paid a great interest rate for such a secure "investment" so I don't really want them to pay me.
try somewhere like ablrate or one of the other p2p platforms, they might like the look of it
Seems like you want to have your cake and eat it. If you need the cash recover the debt.