RS Grant

iTrader: (1)

...ok, I've been looking at starting my own business.

Found a suitable place, it was a Pub/Restaurant and has been closed for a bout 6 months after the current people fell into personal problems. I'd like to re-open it as its got a lot of potential, and that potential will quickly increase over the coming months as certain things begin to happen locally.

Problem I've got is that I don't have the start up cash needed to buy the property and rennovate the place so its serviceable again.. is it a case of going into my own bank and talking to someone about a business loan for this amount or are there better places to talk about financing at such a considerable level??


Cheers,
Grant

Lambchop

iTrader: (1)

I've seen you pic...talk about eating into the profits!

RS Grant

iTrader: (1)

Hahahaha... you're such a bellend!!!


Cheers,
Grant


*edit: nom.. nom... nom....

danneth

utternutter

you would need a business plan before you even think of approaching the bank manager

RS Grant

iTrader: (1)

Yea thats right, the business plan, Profit/Loss etc all in hand... its the financing that I'm wondering about buddy, it could be just a trip to a normal bank, but was wondering if there are better places to go when you're talking mortgage money for a business rather than car loan money.


Cheers,
Grant

Lambchop

iTrader: (1)

I know!!!!!!

Thanks.

nom nom nom

focusv8

You'll need a hefty deposit and working capital.
No one will lend you everything.

.

Rick Astley

You will need to invest your own money, the bank will usually lend you what you put in yourself.

So as you have nothing, then they probably won't lend you anything at all.

RS Grant

iTrader: (1)

Sorry when I said I don't have the start up cash.. I meant I dont have the full amount needed for it. I'm able to get between 40-45% (waiting on quotes for refurb work for final amount) if I cash various things in but its the extra that I'm needing to find.


Cheers,
Grant

utternutter

its easier to get a mortgage than get car credit lol

Char1ie

iTrader: (6)

Try to take the least amount of risk. Work out how much you'll bring in per month, and that should tell you how much you can spend on rent, rates, insurance, stock each month. Don't buy the freehold as that will add a massive risk. If the building is for sale see if the estate agent can find someone to buy it and lease it to you at a set monthly rate that you can afford. If there's renovation work to be done, maybe you could commit to pay a portion of this. If you love the building then buy it, renovate it and then find someone to rent it from you using a deposit and a commercial mortgage and let him run the business.

Personally I think it's important to see that if you own and renovate the building, and run the pub/restaurant as a business then you are taking two big risks. So try to just do one of the two, and find someone to take on the other one.

Charlie