PDA

View Full Version : how on earth


budgie
22-06-2004, 04:33 PM
i wish to buy a lease hold on a restaurant but have no funds can i get the 50k i need from a bank with no seurity or not?

22-06-2004, 08:04 PM
Hello

It does not have to be impossible, but you will need to present a very strong case to the banks that you can make the business profitable.
Banks can be very supportive and could loan that sort of money - but they will need to see that you have done a lot of work in making sure that you can afford to pay them back, and run a profitable business!
This is acheived by a well thought out and researched business plan which you feel confident with. I would suggest doing some initial work on a business plan, and then taking it to a bank manager. He will quickly inform you of the things that he needs to see covered, and what they would be looking for in your particular case.

For example, they will need to see what experience you have, terms of the lease, what capital items you willbe buying - as well as how you intend to make a go of the business, and get people into your restaurant!

The business bank managers are not all that scary - but you do need to show them that you have done your homework, and know what you are talking about! Then you have a chance htat they will lend to you....

Good luck, and keep trying as it may not happen on your first visit!

Paul