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We are two blocks of 6 flats, all residents own one share of the freehold, 12 total.  We are managed by a management company.

We are looking to renovate our hall,stairs and landings with new bannisters, carpets and decoration.  Whilst we have a good amount in our account to carry out these works would deplete considerably.  One of the residents is offering to loan £10,000 in order for the work to go ahead as soon as possible.  Would there be any problems with this and are there implication if he would expect a 2% interest on the loan.  If the latter is a problem would an interest free loan be possible.

Thanks

Lynn Brown 

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