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Business Finance
Sw00dy
Posts: 2 Newbie
Good evening all.
I am hoping to buy an existing business but have come up against resistance from the main big banks when I have enquired for a business loan. I have also tried peer to peer lenders, but they only seem keen to load to existing companies wishing to expand and invest.
The asking price of the business is 75K I have around 30K in personal cash to invest so am looking for around 50K as I need some working capital.
Turnover is 250K with net profit of around 55K
I have equity in a house of around 300K so could borrow against that, but as far as I understand it is not very tax efficient. Any advice would be much appreciated.
Many thanks in advance
I am hoping to buy an existing business but have come up against resistance from the main big banks when I have enquired for a business loan. I have also tried peer to peer lenders, but they only seem keen to load to existing companies wishing to expand and invest.
The asking price of the business is 75K I have around 30K in personal cash to invest so am looking for around 50K as I need some working capital.
Turnover is 250K with net profit of around 55K
I have equity in a house of around 300K so could borrow against that, but as far as I understand it is not very tax efficient. Any advice would be much appreciated.
Many thanks in advance
0
Comments
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Do you have a robust business case that you have put forward to lenders?0
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Thanks for the response, I have a realistic business plan to grow over the next 2 -3 years, even without growth I thinks the numbers stack up, I haven't reached the point with the lender so far where they have asked to look at any business plan!0
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