Funding ideas after BBVA reject your application.
After supplying every single bit of financial documentation to BBVA and them then taking 3 months to come back to me to inform me I have been unsuccessful in my application to secure the funding for the CTC Wings course starting in September.
The specifics of the loan won't be shared on here for obvious reasons but myself and my family do not understand why this application has been rejected.
The loan to value of the loan= 14% of the property value that it is being secured against. This property has no mortgage against it. I also have a property that does have a mortgage and some equity with this property too.
The savings of myself and my parents more than adequately cover any potential periods of time where I may not be earning.
I'm 35 and a career changer (& before the questioning of my decision begins yes it is what I want to do, yes I am aware of the risks, yes I have considered the possibility of failure), with a professional qualification behind me - so if there was a period of time after successfully completing the course and where I was sat in a hold pool, I could obtain a short term contract doing what I am currently doing to tie me over until I'm offered a place with an airline.
So BBVA knew all of the above, all insurances are in place, class 1 medical issued, can somebody help me understand why the application was rejected?
Do you really need access to a million quid before they lend to anybody? Who do they lend to?
In addition, if I do not secure the finances in time for September, does anybody know how long CTC will keep my place open for.
Finally, apart from robbing a bank, does anybody know if there are any other financial institutions willing to lend me the money?
Comments/ sarcasm/ wit all great fully received.
Cheers