Bounce Back Loans for property businesses – Part 2

by Ranjan Bhattacharya

16:51 PM, 12th May 2020
About 3 weeks ago

Bounce Back Loans for property businesses – Part 2

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Bounce Back Loans for property businesses – Part 2

Our last video on the Bounce Back Loan Scheme and how property businesses are eligible, has given rise to a lot of discussion on Property118 and elsewhere on social media.

In this video Andrew Roberts and I return to give an important update including:

– Which banks have paid out to property businesses

– Clarifying the meaning of ‘trading income’

– Self certification of your businesses turnover

– Whether or not you have to pay the loan back

If you missed Part 1 watch it here at: https://youtu.be/vgw00tf_3nc



Comments

JB

8:12 AM, 20th May 2020
About 2 weeks ago

Reply to the comment left by Paul Shears at 19/05/2020 - 23:55
From what I understand it must be paid into the business account from which you run your business.

With Lloyds you cannot get to the application form if you input current account details. They say:
'You must be:
Using your Lloyds Bank Business Current Account as your main business account '

Starling Says:
'Required criteria to be eligible for a Bounce Back Loan:
Be a Starling business account holder, using this as your main account'

Similar with Santander, TSB and Barclays. I'd be interested to know how other people are getting past this.

Paul Shears

9:11 AM, 20th May 2020
About 2 weeks ago

Reply to the comment left by JB at 20/05/2020 - 08:12I completely gave up with Santander after many hours spent on the task over several days. The final straw was when they wrote to my Email address asking a person who they would know very well indeed, could not possibly have any connection with any business of any kind, for business details! They have never raised any concern that the account is just a normal account that happens to be used for business. I gave up and moved on the HSBC who have proven to be painfully slow. HSBC informed me yesterday that they cannot even confirm any record of my application and they estimate that it will be five weeks before they might respond further.

JB

9:35 AM, 20th May 2020
About 2 weeks ago

Reply to the comment left by Paul Shears at 20/05/2020 - 09:11
I may have to give in and change the account I use at Lloyds to a business account.

Paul Shears

22:15 PM, 22nd May 2020
About 2 weeks ago

Reply to the comment left by Paul Shears at 20/05/2020 - 09:11
As previously stated, I completely gave up with Santander after many hours spent on the task over several days with the final straw when they wrote to my Email address asking a person who they would know very well indeed, could not possibly have any connection with any business of any kind, for business details. They have never raised any concern that the account is just a normal account that happens to be used for business.
Santander repeated the same mistake above with the same person after several more days.
I had already given up with this bank and just ignored them.
Then they wrote to myself asking for the same information which I ignored as they had long since lost all credibility in my eyes.
Now, oblivious of the fact that their requests for additional and quite stupid information have been completely ignored, they have refused the loan.
The grounds for refusal given was not that I had ignored their requests for information.
Nor was it that the account is not a business account.
It was that insufficient business transactions had passed through the account!!!!!
So what I wonder, assuming I were inclined to waste even more time with these people, would be their reaction if I now open a new business account with them? Who cares? I certainly don't! Several weeks wasted on a wild goose chase.
I have moved on to HSBC who tell me that they have a huge back log and cannot track applications.

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