Best place for a Business Loan

[type-r]

I am looking at the possibility of purchasing an existing business. Cost price is ca£100k and I am looking for 50% loan, possibly upto 75% loan if possible.

Business has a T/O over around £140k with profits in the region of £62k p/a.

What are my best options?

[Jockman]

Those Gross Profits??

Sweet Jesus, I'm tempted to lend you the money myself

[type-r]

Well that is what I thought! Haven't had an accountant look at the books yet but those are the advertised figures via a respected business selling agency.

[anonymous-user]

how much deposit have you got?

at that level the best chance is either a loan secured on property or an enterprise scheme backed by the council/goverment.


perhaps peer to peer lending.

Edited by anonymous-user on Wednesday 11th November 17:27

[Jockman]

type-r said:

Well that is what I thought!

I'm flattered that you thought about approaching me for a loan....

type-r said:

Haven't had an accountant look at the books yet but those are the advertised figures via a respected business selling agency.

If those figures are correct you will have no issue securing funds from your current bank. You could payback within 2 years based on those figures so the interest rate is somewhat meaningless !!

[anonymous-user]

Jockman said:

type-r said:

Well that is what I thought!

I'm flattered that you thought about approaching me for a loan....

type-r said:

Haven't had an accountant look at the books yet but those are the advertised figures via a respected business selling agency.

If those figures are correct you will have no issue securing funds from your current bank. You could payback within 2 years based on those figures so the interest rate is somewhat meaningless !!

If you could let me know of a bank that is doing business acquisition loans without significant contributions please let me know by PM!

[Jockman]

desolate said:

If you could let me know of a bank that is doing business acquisition loans without significant contributions please let me know by PM!

OP is looking to put down 25 to 50% deposit. I'm assuming he has a history with a bank and that due diligence will be undertaken on the target acquisition.

HSBC have just offered me funding on substantially less than this, though admittedly on a bigger proposition.

[type-r]

desolate said:

perhaps peer to peer lending.

Was having a look at funding circle. That is an option.

I don't have a business relationship with my bank - I also have the option of buying the business outright for cash, though I would prefer not to.

[anonymous-user]

Jockman said:

desolate said:

If you could let me know of a bank that is doing business acquisition loans without significant contributions please let me know by PM!

OP is looking to put down 25 to 50% deposit. I'm assuming he has a history with a bank and that due diligence will be undertaken on the target acquisition.

HSBC have just offered me funding on substantially less than this, though admittedly on a bigger proposition.

must pay more attention - can't believe I asked that stupid question having read the OP properly now.

there are some "match funding" bank loans out there at good rates.
if you can pay cash it MAY be easier to buy the business and then borrow when in situ.

Most high street banks much of a muchness - often down to finding a decent bank manager who actually wants to to do something. Not always easy, especially if they want to push you into a call centre.