Applying for a bounce back Loan

[Bodd]

Im telling my mate this morning that Im thinking of applying for a bounce back loan. I want to buy another house come spring to do up and hopefully sell at a profit.

It would be separate to my Plumbing and Heating business. I would run the two business side by side with my partner as my partner.

I have every intention of paying back the loan.

My mate told me about a friend of ours who's applied and got the loan. He has bought golf clubs and hot tub for the garden. He has not intension of paying it back
My guess is he will be found out and done for fraud.

This sticks in my throat.

 

[EddieM]

Im telling my mate this morning that Im thinking of applying for a bounce back loan. I want to buy another house come spring to do up and hopefully sell at a profit.

It would be separate to my Plumbing and Heating business. I would run the two business side by side with my partner as my partner.

I have every intention of paying back the loan.

My mate told me about a friend of ours who's applied and got the loan. He has bought golf clubs and hot tub for the garden. He has not intension of paying it back
My guess is he will be found out and done for fraud.

This sticks in my throat.

Wouldn't be eligible for a bounce back loan. Besides what you are proposing if nothing else is totally immoral.

 

[Bodd]

Wouldn't be eligible for a bounce back loan. Besides what you are proposing if nothing else is totally immoral.

Fair enough Eddie this is why Im starting this thread, because I want to go the right way about this. Why is it immoral?

 

[HERTS P&D]

How much of a loan were you thinking of?

Andy

 

[Bodd]

How much of a loan were you thinking of?

Andy

20 grand maybe

 

[HERTS P&D]

So £20k, would you get a mortgage for the rest? It would all depend on your income.

Andy

 

[EddieM]

Fair enough Eddie this is why Im starting this thread, because I want to go the right way about this. Why is it immoral?

Because it's a loan for existing businesses that have been adversely affected by the pandemic to return to where they might have expected to be if the pandemic hadn't happened. It is not for you to personally make a fast buck on.

 

[Bodd]

So £20k, would you get a mortgage for the rest? It would all depend on your income.

Andy

Im pretty much Mortgage free. Id borrow against the house for a deposit and I have the money to pay for the renovation. Its just an idea at the moment.

 

[EddieM]

Im pretty much Mortgage free. Id borrow against the house for a deposit and I have the money to pay for the renovation. Its just an idea at the moment.

Forget it.

 

[Bodd]

Because it's a loan for existing businesses that have been adversely affected by the pandemic to return to where they might have expected to be if the pandemic hadn't happened. It is not for you to personally make a fast buck on.

Yes I suppose it would be. So if doing the house was part of my business existing business then would that sit right with you.?

 

[EddieM]

Yes I suppose it would be. So if doing the house was part of my business existing business then would that sit right with you.?

Moot point as it's not part of your current business is it.

 

[Bodd]

Forget it.

It would be a project that I would renovate a run down house and do it to a good standard that way above the poor standards of new build they are chucking up these day.

 

[Trazor]

You would also need to prove your existing business has suffered.

 

[EddieM]

It would be a project that I would renovate a run down house and do it to a good standard that way above the poor standards of new build they are chucking up these day.

So? it's got nothing to do with your current business.

 

[Bodd]

Moot point as it's not part of your current business is it.

Theres a couple of pubs local that have set up a side business selling locally produced fruit veg and meat. Is that adjusting and adapting or is that immoral.?

I can of course sit on my ares and moan how hard done by I am.