Businessman furious at banks' refusal to lend bricks up Barclays branch in protest R

Discussion in 'Wall St. News' started by THE-BEAKER, Sep 27, 2010.

  1. When Cameron Hope tried to get a loan to help his business grow he felt as if he were talking to a brick wall.

    In fact, he became so angry with the banks’ refusal to lend that he decided to give them a taste of their own medicine.

    Yesterday the 59-year-old property developer bricked up the front door of a Barclays bank branch in protest at the lack of credit for small firms.

    In an action likely to strike a chord with businesses unable to secure loans across the country, Mr Hope and other protesters built an 8ft by 4ft wall of breeze blocks outside the entrance of Barclays in Westbourne, Bournemouth, Dorset.

    He was joined by other local business owners who have had trouble getting loans. They plastered the wall with placards proclaiming ‘Robbed by the banks we own’ and ‘Make the banks lend’.

    Mr Hope, of Bournemouth, said: ‘We blocked the doorway as a way of saying that the banks are open but the safe is shut.

    ‘The banks are stifling the recovery from the recession by not lending businesses any money.

    ‘Savers are getting nothing, borrowers are getting nothing and the banks are doing whatever they like. Some of the banks are even owned by the taxpayer and still they won’t lend.
    bricked up Barclays

    ‘This protest is saying enough is enough and the Government needs to step in and make the banks lend.’

    The Daily Mail’s Make the Banks Lend campaign, on behalf of small firms turned down for credit, argues that the banks have money to spare, thanks to enormous funds provided by the taxpayer.

    Instead of lavishing this cash on bankers’ bonuses, banks should be lending it at affordable rates to small enterprises – the backbone of the economy. Small and medium concerns provide 57 per cent of all private sector jobs.

    Mr Hope, who runs a portfolio of seven properties with his wife Christine, said he chose the Barclays branch at random and his protest is against the banking industry in general.

    He said he reached the end of his tether after he lost out on a lucrative property deal because his bank, HSBC, would not match half the funding for it.

    ‘We had agreed to buy the plot of land which, with planning permission alone, was worth more than £1million,’ he said.

    ‘We had raised £200,000 and all we wanted was £200,000 from HSBC. They took our application on and at first made positive noises about it, then got their own valuation done and then they just said no.

    ‘There was no explanation other than they were not lending at the moment.
    ‘We had to pay them £2,500 in fees on that application.

    'As a result we lost the site.’

    Mr Hope, who has four grown-up children, said he recently approached the Buy To Let _Mortgage Company to try to secure £40,000 for renovations from a block of flats that he already owns, but was refused.

    He said: ‘What we have done today is to try and make a statement to the Government.’
    Fellow protester Charlie Townsend, a 49-year-old property developer, said: ‘We are too apathetic in this country. We ought to be more like France and stand up and make a protest rather than be ridden roughshod over.’

    The brick wall was taken down two hours into the protest after police threatened the demonstrators with arrest.

    Read more: http://www.dail*****

  2. Hmmm, he had a deal to buy land for 400K that was worth 1M. What a lucky man. If true, it would seem that he would have zero problem getting investors to buy the plot. No need for a bank unless he didn't want equity partners.
  3. Brilliant!

    Most of my clients who have tried to secure lending for Expansion have had it with banks. Of course they have the networth and means to cut the banks off. Many, have funded their expansion from their own cash and profits from their companies. Many have decided to find alternitive methods to "Lines of Credit" for the Manufacturing arena, even have gone as far as putting Investment Groups of their peirs together to start a "Investment" pool for lines of credit, charging less than what the banks Prime plus One norm now adays.

    FUCK the banks. We do not have any outstanding debt at our start up, owed to banks. The firm is funded by the "Owners", one man!

    Problem is, the small business owners, like the guy in the article, will have to look for Angles.

    Angles and Private Investment Pools are poping up to fund solid businesses for Expansion and buy outs. It's the wave of the future as many turn away from Traditional Lending as Banks not only fuck you but are very unstable and will be for decades to come.
  4. Warren Buffett has a lot of money, I wonder if he is lending?

    Let's just say we don't know or he isn't but we do know he is doing charitable work finding ways to help the poor. Pretty much job one in this country, helping the social misfits is job one.

    We can't lend you any money but here's a check, throw the dog a bone. wtf??

    No job, here's check. On and on.

    This is Bernankes conundrum. We have a lot of money and the plan is not working. ta da
  5. My next Vehical will be funded not by a bank but by a pool of Investors. They also fund Housing. Of course you have to put up 30-50% and have a certain "net worth' for them to take the risk.

    Never the less, they give far better rates than a bank, even at 4% car loan that most banks only give to sleprocks with 900 credit score...which is very few "Risk takers" that I know. Most with that high of a credit score have more debt than income and work a 9 to 5. They just pay one loan off with another and hence, the shell game.

    I can get 4% loan from the group with a credit score of 650 and 30-50% down. Now if you miss a payment the rate jumps as you fall into high risk with the group. They hold the title as would a bank.

    Of course we are not talking about Fords. They only fund the higher end cars and suvs. And pay off time is not 8 years. It is half that if not sooner.
  6. A deluded soul who seems to think other people have a moral obligation to help him get richer, and forgets that people like him are the reason the banks almost went bust and are now repairing their balance sheets courtesy of the rest of the taxpayer, instead of fulfilling their normal function.

    In other words, a self-righteous immoral hypocrite, no wonder he is popular with the general public.
  7. businessstaxes

    businessstaxes Guest

    these banks are not making enough interest on these loans that is why they aren't lending. what is puny 5% interest

    these banks would give you as much money as you want to borrow if the interest rate as 15% with collateral. 0 risk loans and you pay minimum 15% interest rate.

    banks lost a tonne of money due to loan fraud during he subprime scams in the mortgage fraud

    before mortgage business was easy no risk loans for the banks as the loans were insured now it's not insured..anyone can get a loan in real estate deals.

  8. businessstaxes


    Man, I hope you'r are not in the Business Tax industry!

    banks charge 5% on money they recived for free! They also borrow at the Discount window from the FED at .25%!

    On top of that, they are lending "DEPOSIT" money, which is "FREE" money deposited by "Consumers", businesses, etc and they charge interst on it!

    Last time I did math, 5% of 0 is well, a profit!
    as is 5% on .25%!
  9. whats the pt of bricking it up? he should just burn it down.

    These property developers are in deep shit now, I have a friend doing up flats/apartments in mayfair for resale and hes doing very badly
  10. In Greece they blow them up, which is pretty misguided.

    Though, if they keep giving themselves mega-bonuses, they will likely see more brickings.
    #10     Sep 27, 2010