Business accounts

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bubbles65 said:
So they're not lending even though you have proven assets?
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To the smaller guys, 300 to 500 k properties the banks have no interest in us, I once asked HSBC if I bought a property for 400 k would they lend 100 k for the works and they said it was too high a risk, developer friends of mine who deal in the big money will get money from the banks but they have to go through hoops too.
 
bubbles65 said:
20% is too high a risk?
We really are in the sh!t then :RpS_crying:
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That was early in the downturn, they were very worried and were clawing back, in 08 I had a 200 k marker on a 600 plus house, work was quiet, they took all they could, interest 2.5 above base and some principal too. Now I think they might be more amenable, London property is rocketing.
 
HSBC is good.

I got 2 years free. You have 2 accounts, one for transactions and a holding account. When I get paid just transfer tax into holding account to cover tax for each job. Transfers instantly and you can see accounts side by side.

I also have a Santander account when I get paid cash I pay it ino that account, then transfer to HSBC. Because HSBC charges.
 
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