Ive seen a business, which im interested in, but I want to know how do I go about getting a loan to buy it, I have no house etc to secure the loan against.

The business has been established for a while and has good profit margins.

Will the banks help?

Thanks

Short answer - maybe to probably not.

Does this business have audited accounts for at least three years? Is there any property involved, or other capital items? Tell me more about the business and we may be able to suggest financing options.

Well theres a few businesses im looking at, they all have properly audited accounts, the property are leased etc, if the banks wont help, how do you getting funding considering the businesses have been valued at around 100k amybe even more.

Thanks

A long history of good accounts is a good start, the bank will at least listen to you, but usually they want to secure the loan against something tangible.
Basically their point of view is how do they get their money back if you screw up the business and go bust - especially in the current economic climate.

There are grants and other things available to some people who meet specific criteria - i'd suggest trying SENTA / chamber of commerce / business link for some more advice. They wont give you any cash, but you can talk through your ideas and they can advise you who might.

Well theres a few businesses im looking at, they all have properly audited accounts, the property are leased etc, if the banks wont help, how do you getting funding considering the businesses have been valued at around 100k amybe even more.

Thanks
The banks will assist but will not give you more than 50% of the amount.

My experience of business banking is that although we formed a limited company, i.e. to ensure our personal liabilities were limited, they still wanted a debenture (so they get first dibs on all assetts should we go belly up) and also directors personal guarantees! So they can come after our houses and personal wealth if the assetts don't cover the outstanding loan repayment.
Business banking is a lot worse than personal banking. Banks are their to make money from you and thats all they are concerned with.
In this current climate i don't think they'll lend you cash without security.

I agree with Floyd77, go and see business link or SENTA, they will talk you through options such as business angels which may be the better avenue for you. This is where local entrepreneurs invest in your business for a slice of the cake. Easier funding but you relinquish partial control.

Silly question but it has never stoped me asking it before. Why are you looking to buy a company first? is there no chance of you starting the same type of business up?

i found a website for business angels, the reason I looked for it is because I need finantial support to fund a new business. Yet the website wanted a three figure sum to register! I understand their reasons but are there any business angels out there which don't need a third party to charge me to speak to them?