Caring Landlord

Registered with Property118.com
Sunday 15th March 2015


Latest Comments

Total Number of Property118 Comments: 7

Caring Landlord

11:49 AM, 6th May 2020
About 5 months ago

Covid-19 Bounce Back loans for property businesses

Reply to the comment left by Beaver at 06/05/2020 - 11:46
Ok

1. These bounce back loans are deemed micro loans. They are capped at £50k. Hence they are not for the big boys and girls anyway.

2. Big portfolio landlords are also running investment businesses and are similarly not eligible

So no landlord (renting properties) businesses qualify. Rich or poor. Big or small.... Read More

Caring Landlord

11:42 AM, 6th May 2020
About 5 months ago

Covid-19 Bounce Back loans for property businesses

Reply to the comment left by Beaver at 06/05/2020 - 11:26
This makes no sense... Read More

Caring Landlord

11:23 AM, 6th May 2020
About 5 months ago

Covid-19 Bounce Back loans for property businesses

Reply to the comment left by LVW4 at 06/05/2020 - 10:44
Personally I don’t have any moral qualms or issues. Policy is now based modern monetary theory and the Old Lady has a forest of money trees!

The issue is simply that the business of being a landlord is the collection of rent business. This is defined as an investment business. Such businesses are not eligible.

If they were eligible I would certainly be tapping away on online applications rather than here!

That being a landlord can be hard and thankless work does not change the legal definition (perhaps unfairly!).... Read More

Caring Landlord

10:15 AM, 6th May 2020
About 5 months ago

Covid-19 Bounce Back loans for property businesses

Renting is an investment business. It’s not a trading business.... Read More

Caring Landlord

10:04 AM, 6th May 2020
About 5 months ago

Covid-19 Bounce Back loans for property businesses

I don’t understand!

A buy to let business or a property investment company (whether owned in own name or within a corporate wrapper) is surely an investment business?

How do you get a buy to let business to have 50% of its income from trading?

Maybe if you own a property portfolio and have a separate management company that charges you fees for management services this would qualify for bounce back loan as a trading business.

But this is likely to be relatively small in most cases.

I cannot see how a business which the majority of income is from rents can be classified as a business with 50% of its turnover from “trading”.

Is the suggestion just to lie? Or choose banks where the online application questions are not drafted properly?

Or am I missing something?... Read More