Alternative to bridging loans?

1. If you can get a loan from family/friends and they are willing to help then great - drive on!
2. Loans from unofficial moneylenders seldom end good (my opinion). These loans are there though and probably on a larger scale than most think. I used to be involved in a Credit Union as a voluntary worker where I did everything from accepting cash deposits to using an electric vacuum cleaner to clean the place. Some loans were dished out to get unofficial moneylenders off peoples' backs, I kid you not. Some of these unofficial moneylenders were not Fagan like characters but were so-called upstanding members of the community seeking an easy tax free profit.
 
Leper said:
Some loans were dished out to get unofficial moneylenders off peoples' backs, I kid you not.
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You are not kidding anyone as this would be widely known.

But they were not lending at the same rates that mortgage lenders charge.
And I doubt that they were lending very large amounts either.
 
Brendan Burgess said:
You are not kidding anyone as this would be widely known.

But they were not lending at the same rates that mortgage lenders charge.
And I doubt that they were lending very large amounts either.
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I am not talking about the illegal moneylenders lending to somebody who would be repaying a relatively small loan @ extremely high interest rates. I am talking about the opportunist moneylender who has a large amount to farm out to somebody who'll accept. The interest rate would not be as high as the "illegal" lenders but would offer a good return irrespective of the risk. I accept these people operate under the radar and they do their homework on whom they lend. I wish I were not reporting the likes of this, but I've seen it happening even with pretty large amounts.
 
So the OP is looking for bridging of €190k to buy a new house.

Are you saying that there are private people out there who would have no connection with him who would lend him this money short-term at the same rates as the banks?

And that this is a widespread practice?

And that the Credit Unions rescued people from such deals?

Brendan
 
Brendan Burgess said:
I would say that if you are keeping your current home, there is a good chance that Finance Ireland or ICS will give you the mortgage you require to buy your new home.

And after you buy your new home, then there is no penalty for changing your mind.

Of course, it would be much better if you could get a cash back mortgage from one of the main banks and then repay that and keep the cash back.

Brendan
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Is this allowable Brendan? If I got a 300k mortgage to purchase a house on variable rate, received 6k cashback, and then two months later used proceeds from sale of current home to pay off the 300k in full, would the bank look to reclaim the 6k?
 
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