Last Monday I spoke at the Berkshire Property Meet for the first of two appearances, I was honoured to share the stage with the Dr Rohan Weerasinghe and of course the great hosts Juswant and Sylvia Rai. I talked about my experiences as a new property investor over the last eighteen months. How I had set my goals, educated myself, been determined and adaptable over that time. I listened to lots of experienced investors including Rohan, Rob Moore, Phil Martin, Simon Zutshi, Mark Dalton, Sean Thomson and many others.
In January of last year I asked Vanish Patel a question from the audience and received invaluable feedback and information, armed
with that I approached a number of banks and secured myself a personal commercial arrangement. This enabled me to buy property essentially for no money down – well that’s not exactly true …. I bought them for cash and then quickly remortgaged them to full market value enabling the release of the equity. The bank knew this and was happy, a legal NMD system.
On Monday evening, I spend two hours answering questions from people in the audience at the BPM, about how I did that. They were focused on the detail and with due respect I feel missed the wider point. I asked questions, I ACTED on the information I received. One lady contacted me through Facebook and below is the subsequent conversation (with Sukhy’s permission) that I hope may help others……
I saw you present at the BPM on Monday and wanted to say you did a fantastic job!!!
It was really lovely to see a lady up there for a change
– I’m not new to property but new to BMV and Lease Options – I am presently trying to do a JV and hope its the start of BIG things for 2010. Anyway, I was intrigued at how you managed to get banks to lend you loads of money – are you able to share?Sure I just presented myself to the bank as a business wanting to open an account - I sort of interviewed them. Please note that they are thinking differently now than 11 month ago and even then I did not get a ‘facility’ (which I think is what you are after).
Disadvantages of this approach - the loans are commercial and so on a capital and repayment basis so although the rate was low it felt like about 6-7%
Advantage – was that bank was not interested in ’6 month rule’ and they had no redemption or tie in period, so I could remortgage after 6 months after purchase and pull out my equity and recycle my money and thats my plan.
Come and say hi the next time – would be good to meet you in the flesh
thanks for kinds words and getting in touch Thanks for your email and thanks for the information. I think I may set-up a meeting with my bank manager and see how it goes. I’ve got nothing to lose I guess! Did you go with some BMV deals in hand or did you just sell them the concept? and did you open the account before going to see them? or as a result? Also, did they specify how much cashflow or anything +ve was good?
Sorry, soo many questions. I will definitely come and say hi next time – I will be at BPM next month so hopefully see you then
I did not have an account first – I was in a sense interviewing banks to see who would best support my business plans. Think of it as opening a business account – you want him to know you and think you are knowledgeable, experienced and professional (provide evidence) and you want him to understand your business (provide examples – either of what you have done or plan to do) also because the concept of Property Investing is challenging for some, provide evidence of your business model and why it makes sense – so not just ‘I buy houses’ but why, where, how much and your exit strategies (the bank wants to know how it is going to get its money back) - hope that helps Sukhy x
xTo our mutual success, wealth and happiness
Vicki – The Property Mermaid
1. Ways to Wealth – Make Money from Property – http://www.waystowealth.co.uk/wtw-events/
2. Reading and resources – http://Bit.ly/OPM
3. Where you can find me next http://thepropertymermaid.com/blog/events
Pleasure talking to you both – you are stars in your own right – come on the girls
– boys any reply 
Hi Vicki / Sukhy
Its great to see the Berkshire Property Meet is having the desired affect and helping to inspire people to greatness.
Looking forward to seeing you both in the near future.
Vicki I appreciate your valuable advice! Thanks for giving me concrete how to’s on raising commercial finance.
I just wanted to say Vicki was a GREAT help!! I have just had my first meeting with my bank today – they have some questions but luckily I had answers to most so thanks a million Vicki
Sukhy
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