We receive a large number of requests for funding for new businesses.
Even if a business is currently successful a lender has no assurance that the new owners will be successful. Therefore they will usually want to see 2/3 years of accounts this usually rules out a start-up or purchase.
After 6 months we can arrange funding equal to double your monthly takings useful for additional stock etc.
Raise funds as a personal loan we can arrange funding up to £35,000.
Raise funds against equity in a property.
Uses a guarantor i.e. parents or other property owner to guarantee the loan.
Be realistic quite often we are ask for £XXXX to purchase the business plus £YYYY for improvements and £ZZZZ as trading funds etc. Raise the purchase price then after 3 to 6 months of trading we can arrange additional funding.
If you have a leasehold property this would need to have at least 12 years left to run. We are currently only able to arrange leasehold funding in greater London.
Be realistic regarding the cost of finance just because residential mortgage rates are at a historic low this does not mean that business funding is also low. This is a good reason to look raising funds from your residential property. We have people who say I don’t want to do that because of the risk involved if you want the lender to take this risk then they expect a higher return.