Help Buying a Shop

[1983adam 10]

Hello all, Im new to the Forum as you can see.

 

Im looking to buy a shop and take over its running as the current owner is retiring.

 

I have not worked for myself before and am currently in full time employment.

 

What will the chances be of getting a commercial mortgage if I have 15% deposit? My wife currently works full time and we have never defaulted on bills etc.

 

What things will the bank want to know about the business and is it acceptable to ask the current owners for accounts etc.

 

Any general advice would be appreciated!

 

Thanks

[Driskell01 10]

Hi

 

I don't know too much about buying a shop but you will deffinetely need the accounts. I would have thought they (and you) would want too see at least 2 years if not 3, the more the better really. A business plan is going to be needed I would have thought as well, shows you have thought through what is needed to run the business and the money it is going to take to do it.

 

I am sure others on here will be able to shed more light on this.

 

Good luck.

[Mayfield 10]

We looked at buying new premises and approached our bank who wanted 40% deposit, money that we would have needed to renovate the workshops alone. It appears that banks are lending to companies but only if you have the money in the 1st place:suspect:

[FACEBOOK 10]

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Edited January 14, 2013 by FACEBOOK