finance in ireland

[the ace of spades]

hi guys.
has anyone got an experience with trying to get finance in the region of 100k in ireland recently? i am just having the door shut in my face with every financial institution i try. i do not have the luxury of having parents/friends who can use their home as a security for my loan. i have approx 25k in savings, i will be not earning for approx 15 months from the date of loan drawdown. this money will pay my loan for at least 15 months and will be used as living expenses but i then have no capital for securing the loan. i have tried using the 25 as the security and draw down more than is reqd, to help pay back for the first 15 months, but this is also a non-runner....

any ideas on fixing finance for me??!!:ugh::ugh::ugh:

[corsair]

Considering how difficult it is to get a mortgage here at the moment even if you tick all the boxes. (Recent experience there) Getting a loan for flight training with no security in the current environment is well nigh impossible. The banks are very wary of lending any money at the moment considering they are being propped up by taxpayers money.

Reading between the lines, I'm guessing you are looking at an integrated course or the alleged integrated course provided by a certain flight school? Perhaps a better idea would be to consider a modular course. It costs less for a start and it would be easier to get a smaller loan. I would also suggest you continue saving for a bit longer until the job situation begins to improve.

[the ace of spades]

yes it is an integrated course and no it is not in ireland in said school....
it is a cadet scheme tagged with an airline. place on course secured, class 1 med passed, start date known, all i need is the money:ugh::ugh::ugh:

[corsair]

Ah yes, sadly that's always the flaw. The money. Not so long ago they'd have thrown the money at you if you went to them with that scenario. Not now. Well I hope it works out, otherwise it's back to the modular route. Cadet schemes are great but only if you have the money.

[IrishJason]

Its a killer here alright.No one will put that money up. Did you try the credit union ? I had a meeting with them and with the right re-payments They seemed happy too help me along section by section. I was star struck by the schools but thank god I snapped out of that :)

[the ace of spades]

has anyone else got anything they want to share on securing finance in ireland for flight training.. all info and opinions greatfully appreciated..
t a o s....

[Wee Weasley Welshman]

I'm hugely relieved. Glad. Happy. That you can't find lent money to support your rickety dream.


For years and years lemmings such as yourself have hurled themselves over an economic cliff with various banks enthusiastically :mad: themselves at the spectacle.

Harsh? Blunt? Crude? Yes




Yes




As a newbie you likely don't understand the orgy or excessive borrowing, flight training and airline expansion that has happened over the past 3 years. WHICH HAS ALL FALLEN FLAT ON ITS ARSE.

IF you need to secure finance for pilot training. Then the only advice you need is to STOP. HALT. DESIST.


WWW

[IrishJason]

Is it really that bad out there ?

[Wee Weasley Welshman]

No. Its worse.


And going to get worse still.


Believe it. A witches brew for Wannabes has been 3 years in the cooking.



WWW

[the ace of spades]

i have a sponsored scheme sorted, at worst i will go into a holding pool, i have taught about this for a long time now and i have made my decision. thanks for the advise www, but it is not what i started this thread for:ok:....

[Bombs Away]

Have you tried saving for it, probably not what you want to hear but no financial institution at present is going to give you a loan for this type of training so there's not much point in going down that avenue.

You'd be suprised what you can save in a relatively short period of time with a little hard work.

[Bealzebub]

It is pretty simple really. In order to borrow anything like 100,000 euros you are going to need security. In effect this will normally require a first or second charge on a property. The property will need a sizeable chunk of equity that is significantly over and above the amount you wish to borrow when added to existing mortgage/s that may already be secured on it.

In addition the lender will want to see evidence that the guarantor (or yourself,) and probably both, are well able to meet the repayment obligations from income, such that calling in the security is not likely to be the initial result of the primary borrower being unable to meet the repayment schedule when due.

Having 25,000 euros in savings is certainly a good start, but if you need to raise another 75,000 you are going to need parents or friends who are willing to share their wealth with you, because a commercial lender is not going to entertain a loan of this sum without solid security from an acceptable source.

[Grass strip basher]

The fact that banks won't lend wannabees this kind of money anymore is perhaps the most positive thing I have heard in a long time. Some sanity returning to the world at last :D