Advice please on borrowing for a business

lakeslad_2

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

[Deleted User]

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.

lakeslad_2

greysolive said:

it's necessary to check all reviews about service to find a reliable one. 

reviews ? reliable what?

bonkersbonkers1

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?

lakeslad_2

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?

Hi, thanks for the reply,
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

DCFC79

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?

Hi, thanks for the reply,
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

Whats the push behind wanting to buy it ?
A livery yard so you have any experience of running a business ?

Whats your daughter qualified in ? Working on a livery yard ?