Advice please on borrowing for a business
lakeslad_2
Posts: 7
Forumite
in Loans
Hi all, im actually wanting advice on going down the right route, i am looking at borrowing to purchase a livery yard to run as a business with my wife, i have £180,000 left on my mortgage and about the same in capital on the house, im going to need in excess of £500,00 what would be the best avenue to go down a re mortgage or business loan ? my avg earnings per year are around £54,000 how do i go about the business loan side, the banks dont have adviser in store yet to talk to, i have wrote a business plan out, but im unsure where to go from here?
any info greatly received
cheers
Lee
any info greatly received
cheers
Lee
0
Comments
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You'll need to speak to a lender re the business loan once they're open for business. Typically they'll want you to be putting in the same amount as you're asking to borrow, so have your funds sorted and evidenced.1
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greysolive said:it's necessary to check all reviews about service to find a reliable one.0
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A few things to consider - your average salary now is £54k - if you start a business presumably you will lose that £54k how much will be making with the new business - how will you manage to pay your mortgage and business loans?1
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bonkersbonkers1 said:A few things to consider - your average salary now is £54k - if you start a business presumably you will lose that £54k how much will be making with the new business - how will you manage to pay your mortgage and business loans?
i will continue in my job, i work 4 on 4 off so shift patterns are good to help out when need be, my daughter is well qualified as is my wife in horse matters including working on other peoples yards for many years, we also know of one couple that does exactly the same, he works she runs the yard, so we realistically think it will be possible to do.
lee1 -
lakeslad_2 said:bonkersbonkers1 said:A few things to consider - your average salary now is £54k - if you start a business presumably you will lose that £54k how much will be making with the new business - how will you manage to pay your mortgage and business loans?
i will continue in my job, i work 4 on 4 off so shift patterns are good to help out when need be, my daughter is well qualified as is my wife in horse matters including working on other peoples yards for many years, we also know of one couple that does exactly the same, he works she runs the yard, so we realistically think it will be possible to do.
lee
A livery yard so you have any experience of running a business ?
Whats your daughter qualified in ? Working on a livery yard ?
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