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Buying a business
MrsC_5
Posts: 22 Forumite
Is there a facility on this site for discussing buying business premises? Or is it intended for house buying only? Just wondered, as I have some questions about financing the purchase of a business.
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Comments
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List the questions and I will try and help...0
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galileo wrote:List the questions and I will try and help...
Thank you
I've got my eye on a retail business, asking price is £275,000, accounts show weekly takings of £10,000
There's also a nice self-contained flat with the premises, currently being used by the owner but I would rent it out, therefore generating another (approx) £80 per week.
Just wondering.....how much deposit do lenders usually want to see?
By the way, it's freehold.0 -
Need to know type of business, value of property, value of business. Don't expect to be able to borrow much more than 60-70% LTV against the property. At least that was my experience when I tried to borrow to purchase a property containing a shop and a couple of flats. Lenders don't seem to like shop/flat combinations, especially if it's a take-away in the shop. (and insurers don't like them either from what I can gather)A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0 -
Is possible to get up to 80% LTV on the property (not the stock, goodwill etc) as long as the residential portion of the property is less than 40%. Also the fact that it is freehold will help.
HTH
Andy0 -
You may not be looking at a straightforward mortgage as part of the purchase price will relate not just to the property but also to the goodwill side of the business (together with any other assets).0
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