Funding options - Business expansion
Discussion
Hi Gang,
We are incredibly lucky to have a very successful business, even more so since covid, we just cant keep up with demand and spend most of our days turning customers away. We are also avoiding advertising and marketing as we would just annoy people that they cant come (we are fully booked 7 days a a week for the next 13 months, and have a waiting list/cancelations list of over 100 people).
Our 2nd build is getting close to being signed off now, and we are on to the stage of financing it, incredibly annoyingly, the bank have decided that due to covid their lending appetite on property isn't what it was and may not be able to help anymore, despite previously accepting us (expired offer).
Places like funding circle will only lend to you if your business had been adversely affected by covid, which seems bonkers, turning successful business's away to instead invest in those on the rocks.
Anyway, early days, but what other options should we consider looking at, that are safe secure and lower rate, long term too, 10 years +.
Lots of off the shelf asset finance, but this is a building, with foundations etc, so not really classable as an asset as such I think.
Thanks
We are incredibly lucky to have a very successful business, even more so since covid, we just cant keep up with demand and spend most of our days turning customers away. We are also avoiding advertising and marketing as we would just annoy people that they cant come (we are fully booked 7 days a a week for the next 13 months, and have a waiting list/cancelations list of over 100 people).
Our 2nd build is getting close to being signed off now, and we are on to the stage of financing it, incredibly annoyingly, the bank have decided that due to covid their lending appetite on property isn't what it was and may not be able to help anymore, despite previously accepting us (expired offer).
Places like funding circle will only lend to you if your business had been adversely affected by covid, which seems bonkers, turning successful business's away to instead invest in those on the rocks.
Anyway, early days, but what other options should we consider looking at, that are safe secure and lower rate, long term too, 10 years +.
Lots of off the shelf asset finance, but this is a building, with foundations etc, so not really classable as an asset as such I think.
Thanks
Thanks all for your thoughts, certainly some things to think about,
Amount, approx 200k
As for it being a "glamping" business, this is a little different, this is a proper residential new build, meeting same regs as a new build house, so its securable and permanent, unlike a safari tent or something, think of it as a new build holiday cottage/apartment.
Amount, approx 200k
As for it being a "glamping" business, this is a little different, this is a proper residential new build, meeting same regs as a new build house, so its securable and permanent, unlike a safari tent or something, think of it as a new build holiday cottage/apartment.
Our house is surrounded by 12.5 acres of land, our house and land are mortgaged commercially.
By building this 2nd retreat, our estate valuation would go up more than the build cost, and therefore would be a securable asset.
Makes sense to use the same bank as the mortgage, but they as mentioned have pulled any investment in any projects like this at the moment
By building this 2nd retreat, our estate valuation would go up more than the build cost, and therefore would be a securable asset.
Makes sense to use the same bank as the mortgage, but they as mentioned have pulled any investment in any projects like this at the moment
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