will the banks lend you money to start a property developing business

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adampember | 14:52 Fri 24th Aug 2012 | Business & Finance
4 Answers
For example if you got a mortgage on a 40k property and you paid a 4k deposit and you had a further 5k to renovate it but needed an extra 5k to complete the renovation would the banks lend you that extra 5k if you could prove to them that there's a profit to be made on the re-sale of the property as it would be worth 60 - 70k on completion?


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Not unless you've got a proven track record of successful renovations and resales, I think - and maybe not even with that, depending on their view of the risk.
You have asked this similar question a number of times before.

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VHG the questions are similar but are asking different things, i am trying to expand my knowledge on this subject as much as possible and to see if i can find people out there who have experience or knowledge of these things, there's always the chance that i might get new answers that will help me further.
You don't need to remind me that i asked a similar question weeks ago, my memory works fine, thank you
you could just get a personal loan - they don't ask you what the money is for usually, and you wont have to "prove" anything

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