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Franchisee loans
Lozza71
Posts: 3 Newbie
in Credit cards
Is there an alternative to using a bank to get a loan to buy a Franchise. I am finding that banks want a lot of capital before they agree to the lending. What is my best option?
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Comments
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Have you not considered why they ask for you to put in capital as well?
Do you have any money to put in yourself?
If not then if I were an investor I would be out!
Why should I take all the financial risk?0 -
Another muppet who doesn't like the answers they got the first time around so tries again in a different forum.
https://forums.moneysavingexpert.com/discussion/47706030 -
The banks want capital as insurance for the loan, exactly the same reason as they'll take your house if you default on the mortgage repayments. It's there way of pretty much guaranteeing they won't lose money in a climate where money is tight.
You could look for an investor, like JonesMUFCforever said, you would need to pick one very carefully as s/he would probably own the franchise and you'd work for them until you raise enough money to buy them out.
What amount of money do you need to buy the franchise?0
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