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bigduckontax
bigduckontax, Accountant
Category: Tax
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My bank has a deal one million interest only for five years

Customer Question

my bank has a deal one million interest only for five years to one company i have 2 property companies what is the best way to take up this offer
Submitted: 3 months ago.
Category: Tax
Expert:  bigduckontax replied 3 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

Could you please expand on 'my bank has a deal one million interest only for five years to one company?' At present your question is a trifle obscure.

Customer: replied 3 months ago.
hi keith the funding is to replace existing and new borrowing for 15 buy to let flats at present in 2 different companies the bank has said it can only lend to one company so what can we do please
Expert:  bigduckontax replied 3 months ago.

Then buy the 15 flats in one company's name.

Expert:  bigduckontax replied 3 months ago.

On reflection you might have to transfer all properties to one company to take advantage of the bank's offer. That would be an expensive exercise unless they were registered land in which case you could use a Land Registry transfer, a relatively cheap method.