Buyers for Hospitality.......

divadog007

I am 65,    and ready to retire,    I have worked in catering,   hospitality and always loved having my own business,    which is a country pub /  restaurant
in the Midlands/ Herefordshire.....
There appears to be lots of new families,   couples  that want to start a new life in the country and this is the ideal project,    BUT  mortgages are a problem
for most,    with some banks requiring 40% cash deposit.
As you can imagine,    this is creating a problem for younger people wanting to move on,      and people like me wanting to retire.
If you are a financial adviser i would like to hear your advices....

Megaross

So you're trying to buy a pub but don't have the deposit for buy one?

Or you're running a pub at the moment and want to buy a property to retire in? 

Alter_ego

Megaross said:

So you're trying to buy a pub but don't have the deposit for buy one?

Or you're running a pub at the moment and want to buy a property to retire in? 

The OP indicates retiring

eddddy

Your post is a bit difficult to follow. Are you saying that:

• You want to sell your pub / restaurant (because you're retiring)

• There are plenty of people potentially interested in buying it (couples / families), but they are unable to raise a 40% deposit and secure a mortgage

• So you're wondering if there are any other financing options that you can suggest to prospective buyers - which don't require a 40% deposit

Or are you saying something else?

Stubod

eddddy said:

Your post is a bit difficult to follow. Are you saying that:

• You want to sell your pub / restaurant (because you're retiring)

• There are plenty of people potentially interested in buying it (couples / families), but they are unable to raise a 40% deposit and secure a mortgage

• So you're wondering if there are any other financing options that you can suggest to prospective buyers - which don't require a 40% deposit

Or are you saying something else?

..I read the OP as per the above...

user1977

If you're selling via a decent agent they ought to be able to point buyers towards suitable sources of financial advice.

ReadingTim

eddddy said:

Your post is a bit difficult to follow. Are you saying that:

• You want to sell your pub / restaurant (because you're retiring)

• There are plenty of people potentially interested in buying it (couples / families), but they are unable to raise a 40% deposit and secure a mortgage

• So you're wondering if there are any other financing options that you can suggest to prospective buyers - which don't require a 40% deposit

Or are you saying something else?

I came to that conclusion too, eventually.  The OP isn't making it easy for people to provide "advices" if they can't understand the question.... 

divadog007

I do apologise for the blog,      Yes i own a pub and want to sell it to retire,      but unfortunately from what i am hearing from the estate agent is that the banks wont loan without a 40% cash deposit,      I doubt many young couples wanting to start a new life have that amount of cash,       therefore its created a stalemate all around,     us older publicans unable to step down,   and hand over to younger people.     I was asking if there are any financial advisers out there with recommendations on what can be done.  thanks very much,    hope this is clearer..... 

user1977

Assuming you're only considering selling as a going concern, I'm not sure what you're hoping "can be done" other than wait until you get a buyer who can afford to proceed?

Megaross

Wait until a buyer comes along - that's the reality.

Don't just think it'll be young people wanting to buy. All sorts of people buy pubs, you could get a chef/restaurant owner looking to step down but keep cooking - seen that a few times in pubs round here.

List it and wait, see who comes along. You could also consider renting it out as a retirement income then moving into a rental.

lincroft1710

Rather than ask on what is basically a consumer site, why not contact several business agents and see what they suggest. After all they get their commission from selling property so must know the best ways for prospective buyers to finance their purchase.