Need money for business - shall i remortgage.

robbyfine

Hi there! Have you tried to get a bank loan to start up your business? When I was launching mine, I cooperated with the Ogscapital team to get my bank business plan prepared. As a result, I got a loan on beneficial terms to start up.

capstain411

Thanks Robby,


Were you the only director. My understanding is I will not get business or commercial loan as I am raising money for my equity. RBS has already agreed to fun 70%. Of the buying cost provided both partners invest £125k each.

greenbee

I'm assuming you've done your research, but there's a reason why so many pharmacies are up for sale at the moment. Looking at their books for past performance won't necessarily be an indicator of future performance:

http://www.pharmaceutical-journal.com/news-and-analysis/news/up-to-3000-pharmacies-could-close-after-government-cuts-mps-warn/20200553.article

capstain411

Irrespective of my belief, surely RBS will not agree to invest 70% if this business did not have potential.

The business we are buying had 9 individual offers.

amnblog

capstain411 wrote: »

Are there any lenderts who will lend in my situation amnblog. I am not expecting mortgage advise here...but through experience do you know of any lenders who have done this.

Yes I do. Most experienced brokers will.

capstain411

I have never been director of a business. Does that complicate things

amnblog

No. Your property is security. The lender does not have to make a judgement on whether your plans for the money are a good idea.