Advice on business loans

TJI999

Hi,
I'm after some advice on getting a business loan to buy into a veterinary practice.
I am awaiting a valuation on a growing 2 man practice and am likely to require around £120,000 - £150,000 in order to buy in as a 1/3 partner/director (the company is soon to become Ltd).

I've spoken to NatWest who say they will require 10% of this amount upfront.
I don't have much in the way of savings but can probably muster up around £10,000 as I am remortgaging my house which has around £30k equity in it.

I know very little about business loans and have a few questions:
- Should I look elsewhere for other sources of funding (ie other High St banks or different sources), ie is there likely to be much difference between lenders terms?
- Am I likely to be able to fund any shortfall in the deposit with a personal loan as well?
- Is anyone likely to lend this amount with a smaller deposit

Would appreciate any advice!

many thanks

forgotmyname

Taking our further loans may hamper your ability to get more credit.

If they ask where you got the deposit from they may not allow them from a remortgage or other loan.

Different lenders will have different terms. You need to ask if any of the things you mentioned are an option to raise the money or will it be forwned upon.

jonesMUFCforever

What do you have as security?


You say you only have £30k equity in your house - I can't see anyone lending you the sum you are looking for without something to secure it on.

somethingcorporate

hafa786 wrote: »

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