Starting a new business

edited 30 November -1 at 1:00AM in Small Biz & Charities' MoneySaving
3 replies 1.3K views
lukecallumlukecallum Forumite
1 Post
:o

Sorry, one tip is never ask for advice after a 14 hr shift.

To clarify, we are looking to by a hotel, we have 14 years experiance in hospitality each, we have around 40K to put in ourselves and are looking to borrow 50K +

Which lender would i be better going to for a new business.

How much could we look to afford, the business we would hope would after three yrs be turning over 200k per yr with 70/90k being profit.

Has anyone any tips on staring out?

Regards
Named after my cat, picture coming shortly

Replies

  • heleenheleen Forumite
    116 Posts
    I think if you need half a million for a brand new business you're going to struggle - unles sit's all in actual assets.

    If you can be more specific in terms of what you need it for, I can give you some more thoughts - I deal with start-ups all the time.

    Is there no way you can start with say £50k and thenget more cash as you show that you can make revenue?

    Do you have ANY money yourself you could put in?
    I love it when a plan comes together :rotfl:
  • foxsakefoxsake Forumite
    44 Posts
    Try the Carlsberg bank (as seen on tv) ;D

    Seriously,i doubt any bank would lend you that kind of money. You may stand a better chance if you showed the bank that you could put down £250k and they might give you the rest.

    If you have a really good idea then a venture capitalist might be a better bet. But, you will be signing a lot over to them.
  • Pm me.

    If you`ve got 40 K to put in should be able to borrow up to 200K. However a number of lenders such as commercial first will allow you to borrow against the property I think.

    I used to work in Commercial Mortgages, now accountancy on the marketing side.

    Still got loads of good contacts and I can put you in touch with a broker.
    I have links to financial and bankruptcy advisors

    Anything I post on this forum is for discussion purposes only. Feel free to PM me about any posts.
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