Loan or finance advice please
Options
Hello all.
I have recently received some money from a relative that has passed away...£30,000.
And would like to put this towards buying a timber harvesting machine but I would need a loan or finance in order to do get the equipment.
I have been a self employed hand cutter in the forestry industry all my life...but only been self employed for 4 years and have not had solid work in that time and therefore my books are not very good...really not good at all.
I have been turned down by the bank for a loan...although this was an online application through my banks app...I havent actually made an appointment for a business loan...simply because I feel it will be a no. I would be needing to borrow £60,000...and I was turned down for finance on the machine ...again due to my poor history.
I have looked at crowd funding and all sorts...but have no idea where to turn or what options I might have.
I have been told by forest management company that I work for that there would be no end of work for a small machine set up like the kind I want.... and I know I can definitely make it work.
But obviously these are not the things banks etc are interested in...and I really do need some advice.
Thank you very much
Daniel
I have recently received some money from a relative that has passed away...£30,000.
And would like to put this towards buying a timber harvesting machine but I would need a loan or finance in order to do get the equipment.
I have been a self employed hand cutter in the forestry industry all my life...but only been self employed for 4 years and have not had solid work in that time and therefore my books are not very good...really not good at all.
I have been turned down by the bank for a loan...although this was an online application through my banks app...I havent actually made an appointment for a business loan...simply because I feel it will be a no. I would be needing to borrow £60,000...and I was turned down for finance on the machine ...again due to my poor history.
I have looked at crowd funding and all sorts...but have no idea where to turn or what options I might have.
I have been told by forest management company that I work for that there would be no end of work for a small machine set up like the kind I want.... and I know I can definitely make it work.
But obviously these are not the things banks etc are interested in...and I really do need some advice.
Thank you very much
Daniel
0
Comments
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Dont supose you could hire one until you build up the capital to buy one outright?
Getting a loan is going to be very difficult in your situation.0 -
I have been told by forest management company that I work for that there would be no end of work for a small machine set up like the kind I want
If they think it is such a good investment, why have they not got one already?0 -
Hi and thanks for your replies....
I dont think hiring is a feasible idea... dont even know of anywhere that would..but thanks for the idea.
And my idea is not a new idea..there are many other machines and set ups out there..maybe not excavator based but theres certainly no shortage of other operators. I did mention the idea of them financing it but they wont without some sort of security.
Thank you both0 -
Do you have anything to offer as security, as that would seem the only way forward for a loan of 60k even with you putting 30k into the machine.0
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No Im afraid not...0
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