I want to buy a business?

ive found a shop it has a turn over of about 拢400,000 a year, profit just under 拢100k AND its just got a liquor liscense no competition in the area. staff already their.

I was thinking about buying it (拢129k) cos it also has property upstairs that i can let.

but i have no property to use as collatarol will that effect getting a loan? whats the best bank for a loan?
also paying back the loan, how much will it put down my profit?
ive got a business plan but im only 20 and im worried my age might work against my favour (ive got a GNVQ in business studies)

Any advice?

Dear Sir,

Kindly visit these sites:

http://www.creditchoices.co.uk/citi-bank...
http://www.creditchoices.co.uk/
http://www.moneypage.com/Loans/Bank_Loan...

Hope this will help.

Best Regards,
Shabbir Hazari

They are selling a business that makes 拢100K profit a year for 拢129K. Too good - check the books - see what the business rates are and check out everything. If you go after a loan - you will need some cash maybe 5% of what you need. The business is your collatoral. Most banks won't give a 20 year old a loan - shop around and watch out for finance firms that will say yes - but at a interest rate that will mean they take all your profits.

If you really want to buy this business, my best answer is to find a reliable partner with money and experience (a business owner would be best). With no collateral, it would be an uphill climb to convince a bank to loan you the money. Any bank needs to see a combination of business experience, collateral and positive cash flow just to consider you. This is how it works here in the US and I'm certain Great Britain is not much different.

You might want to consider a Jewish free loan if available. You do not have to be Jewish to borrow. I know that some money is available in the US, I'm not sure about UK.

拢100K profit on an outlay of 拢129K. That sounds too good to be true.

So check very carefully the books etc.

But if it is true then I will lend you the money. On one condition - that I spend 拢65K and own just over half the equity, and I lend you the other 拢65K so you can own the rest.

Click on my profile and send me an email.

If you're unable to buy this business; I have a business concept that you can afford if you live in a well populated area..

You will never get a business loan for that kind of money. 20 years old, no collateral? No chance in a million years, sorry. ....Unless you have a guarantor who can put up collatoral......or if you had 75% of the money already and just needed the last bit.........Or unless the main part of the deal is the property itself: that is, the bank can just take back the property around which the business is based ie its a freehold deal not leasehold. But from what you say its sounds like leasehold....