B&B Commercial Lease - Help

drfclee

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 for getting started are finances. The leaseholds we have seen range from £160k-200K but having read many websites including several 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.

I fully understand getting a loan requires a business plan with good figures in order to show any loan can be re-paid but
my question is whether there is potential to get up to 90% of the finances required prior to us actually looking at available businesses.

Dave_Ham

No chance I am afraid, unless you can raise more money this will be the type of dream I have whenever I spend a week in Portugal or go to the Lake District.

At a push commercially you may be able to get away with a 25% deposit, if you have some form of track record in this area. Typically you will be looking at a personal 30% deposit.

All the best

Thrugelmir

drfclee wrote: »

I fully understand getting a loan requires a business plan with good figures in order to show any loan can be re-paid but
my question is whether there is potential to get up to 90% of the finances required prior to us actually looking at available businesses.

You need far more capital to realistically turn this dream into a workable business venture.

Don't give up though. If its what you want to get saving and make it happen yourselves.