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B&B Commercial Leasehold - Finances Help
drfclee
Posts: 64 Forumite
Hi,
My soon to be wife and I are interested in taking on a B&B leasehold business in Lake District as a complete life and career change.
The major stumbling block are finances. The leaseholds we have seen range from £160k-200K but having read many websites including the banks own info pages, I'm pretty sure getting a big enough loan/mortgage to cover the majority of the outlay isn't possible. At a push we could have approx. 25-30K from both saving vigorously and selling our current home.
The thought of taking on this project excites us both but as a realist I know finances play the major part for this to move forward.
My question is whether there is potential to get up to 90% of the finances required prior to us actually looking at available businesses.
My soon to be wife and I are interested in taking on a B&B leasehold business in Lake District as a complete life and career change.
The major stumbling block are finances. The leaseholds we have seen range from £160k-200K but having read many websites including the banks own info pages, I'm pretty sure getting a big enough loan/mortgage to cover the majority of the outlay isn't possible. At a push we could have approx. 25-30K from both saving vigorously and selling our current home.
The thought of taking on this project excites us both but as a realist I know finances play the major part for this to move forward.
My question is whether there is potential to get up to 90% of the finances required prior to us actually looking at available businesses.
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