Starting a new business

lukecallum

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

heleen

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?

foxsake

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.

geniejj

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.