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Business Finance
Buying a business is a major decision and organizing the finance or knowing how much you can afford can be a very daunting prospect, especially for the first time buyer.
As a rule when considering a lending proposition the banks look for both the ability to service repayments on a loan (after allowing for living expenses) plus suitable security to protect themselves in the event of things going wrong. Lenders take many factors into consideration. These may include your experience and financial status, the business location and competition, its future prospects and any additional security offered.
As well as the purchase price you should also budget for stock, legal costs, brokers cost and survey fees. On leasehold purchases you should also allow for rental payments in advance (Normally 3 months.)
Finance can be provided on both Freehold (up to 75% of purchase price) and Leasehold businesses (up to 55% of purchase price) without additional security.
We have helped arrange finance for many clients over the years and recommend Fleet commercial Finance Ltd who provide a professional commercial mortgage service. Fleet provide City expertise, with a personal service and are independent of any Bank, Finance company or Building society and therefore offer impartial advice.
Kevin Beck the Managing Director of Fleet Finance Ltd has over 20 years experience in the finance industry and he will be pleased to discuss your finance requirements.
To contact Kevin Beck:
- Telephone: 01322 558089
- Fax: 01322 559236
- e-mail: [email protected]
- Web: www.fleet-finance.co.uk