Need advice of good mortgage loan company for farm/equestrain use

chalkie99

brookiebroo wrote: »

negativity is the reason why the economy is the way it is.

I'll wish you luck with it but negativity is not the reason the economy is the way it is. The economy is in it's current bad state through reckless borrowing and throwing bucket loads of money at projects which were never likely to work. In our business we still see a lot of over confident start ups with "back of a fag packet" wonder projections who fail very quickly after they start trading.

I agree though that you have to take a risk to have a chance so will reiterate my good luck sentiments.

KingElvis

When you go to the bank, they may put the reins on your loan but in the mane you should be ok.

bouncydog1

And if it's such a great bargain, why hasn't it been snapped up already, by individuals who don't need to borrow the funds to buy it.

Although I fully support great business ideas, I think you need to look at your plans in cold light of day, look at worst case scenario. A £1000 per month income on a £300k mortgage is a poke in the eye with a blunt stick tbh.

And as everybody with horses knows this is one of the most unpredictable businesses in the world. You cannot guarantee the income nor the expenses.

Your projected income for the first year may be £200k - but you have to do the work first to bring it up to standard, and what happens if you don't get the business to bring the income in. You still have to pay your loan.

Quite frankly I don't think you do know what you are doing - you have a great idea but I really don't think you have thought of the downside - which experienced business people do.

I wish you well in your venture and hope that you do succeed.

Conrad

brookiebroo wrote: »

We know what we are doing and my parents are fine with it as the projected income for first year is £200,000 with the extras we are adding to the yard. Currently the yard is in very poor shape and the facilities need upgrading but our current business is a maintenance company so these upgrades won't cost us much at all. And once the business Is running and the barn can be converted the place will be worth over a million pounds as locally something similar has sold for 1.3 millions so the place is a gold mine

Realisticly and I don't mean to sound rude to anyone here but you shouldn't be in business if your not confident and all you see is the bad in every scenario so people who are saying all the negatives and worrying about it being costly and putting my parents under pressure. They wouldn't have offered if they were not happy and I wouldn't be asking for the best mortgage ready to go if I wasn't confident it will work, the £1000 a month income is based on the minimum guaranteed income which the yard is currently making so even if the monthly repayments were £1000 month or even more I would still be jumping in as I know it will make 10 x that withint he first year no problem

Thank for everyone's advice so far but anything negative I'm not interested as negativity is the reason why the economy is the way it is. You get no where in life unless you take a risk.

:-)

I've arranged finance on bsuiness ventures like this many times and your'e right you need a positive approach but also to be very grounded and realistic to make it work. Over optimism often leads to a fail because such people tend not to put aside enough for the lean times. The highest fail rate I see is with people 'investing' in thier dream pub.

MOST people do not have the right mindset to make them work on the food side, and thats where it all goes down hill. To me it seems only the fussiest of people make pub restaurants work as only they are able to satisfy a critical public.

Anyway, back to your endeavour, yes it can work, as long as you make each decision the correct one.

gwernybwch

brookiebroo wrote: »

Thank for everyone's advice so far but anything negative I'm not interested as negativity is the reason why the economy is the way it is. You get no where in life unless you take a risk.

OP: As you started this thread over 3 months ago, I'd be interested to know how the purchase went through and how the new business is fairing?