bank loan

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viztopia

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Currently looking for a loan and the family accountant prepared projections etc. and approached the banks. I am suspicous however as we only got one reply form BOI and we were offered the loan from them. They kept us waiting for ages put us under pressure as we needed the money to be able to bid at an auction. Would there be some sort of incentive for the accountant to get the loan with one particular bank?
 
What sort of loan? Business or personal? Secured or unsecured? What is it for? Is there no cheaper source of credit open to you? Ask your accountant if s/he is being remunerated by the lender and what other institutions s/he looked at (if this is his/her job?). The best buys list in the contains details of some loans in case that's of any use.
 
it is a 20 year loan for the purchase of land. loan of €1,120,000. also extra bank overdraft to facilitate expenditure on land of €100,000. bank is looking for security of land being purchased and an additional 245 acres currently held by family. looking for assignment fo life cover of €500,000. also looking for an arrangement fee of €2240 which seems like a lot. interest rates been charged are variable prime rate & 1.25% for the loan and variable prime are plus 1.5% for the overdraft. your toughts on this would be appreciated clubman.
 
I'll have to leave this to somebody else as I haven't a clue about loans for commercial/land purchase purposes I'm afraid. All I can suggest is that you shop around rather than just trying one lender (BoI).
 
Did your accountant suggest only BoI as an option? If so why? I'm not sure if accountants are supposed to simply follow clients' instructions in this context or if they can offer financial advice. Perhaps somebody else can clarify?
 
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