chubbs75 Posted February 15, 2014 Share Posted February 15, 2014 Hi all I'm wondering if anyone got some idea or if someone got personal experience re getting bank loan to buy an existing business ? Thank you for your input Link to comment Share on other sites More sharing options...
Tickled Pink Posted February 15, 2014 Share Posted February 15, 2014 Hi Chubbs It may be worth adding a few more details for people, e.g. are you in the UK or Aus? do you already have a visa? do you have a background/ experience in a particular field? A bit more info may increase possibility for more full responses... Good luck. Link to comment Share on other sites More sharing options...
chubbs75 Posted February 15, 2014 Author Share Posted February 15, 2014 Hi Yes I'm in Aus got permanent residency. I'm a vehicle technician looking to buy a motorcycle shop or something similar and just would like to know what my chances are. Thank you Link to comment Share on other sites More sharing options...
Guest John Horvath Posted February 16, 2014 Share Posted February 16, 2014 Hi Chubbs Business Loans are difficult to get by the nature of the high risk of business failure. Banks will need to see 2 - 3 years of full financials on the business showing sound financials / income before they would consider. The Banks will also take into account you experience in the industry as well as experience in running a business as well. Depending on things the banks in most cases will want to see you put some funds into the purchase and/or some form of security. They will normally never provide 100% finance on a business without security. If you need further assistance just contact me and we can discuss further. cheers John Horvath Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.