Business Loan advise?

Hi there, I am a final year student. I am interested in buying a shop for around 60K. At the moment I have savings of 5K.
i am working part time with probably 拢300 per month income. I have no debts or overdrafts. Pay my bills on time (phone, broadband and thats about it).

I have an student account at Hsbc for over 3 years now. What is the possibility me getting a Loan to buy the shop and how could i get one?

Any advice much appreciated

let me add the fact the busines itself is quite profitable. around 拢500 profit/week

No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan.

Depends on the profitability of the business, but in short, no chance, and I am a Bank Manager! You are too high a risk!

Are you buying the freehold for 拢60k or you paying a premium to get into a shop/business for 拢60k + rent each month? What are your plans, location of the shop, business plan etc ...

Definately need more details to give you an answer.

I assume by buying a shop you are referring to Freehold e.g the whole premises and the ground it stands on. If this is the case and you make a decent presentation including REALISTIC figures a bank might be prepared to fund you up to 50%. They usually look for a large contribution particularly if there is no previous trading history or experience. With figures the bank will look for substantiation of the figures not just a pretty picture. If the premises are leasehold then they would only be likely to lend against a long lease however any potential landlord will probably expect 6-12 months advance rent as a security deposit. Given the current lending crisis you will have to be extra robust in your presentation however don't be afraid to take the proposition to more than one bank as lending criteria varies from bank to bank. In either case they may also seek a guarantor in terms of your parents. be clear about one thing - banks are in the business of lending money for profit NOT investing in business on a speculative basis.

Well, a couple of things you might want to consider.I've had good luck here...http://loan.online-supporthome.info/trav...