Looking to buy a leasehold on a pub worth 50k, how much would a bank be willing to loan me of that 50k?

Question

I only have about 5k to put to the 50k so im not sure if a bank would loan me such a high percentage of what i need. My credit rating is not bad but not great either and im not a homeowner so they might see me as high risk, should i still seek a banks advice or would they just laugh at me? Please help me with any advice.

Answer 1

The best thing you can do is ask the bank. They will be interested in whether the pub is making a good profit, as good income for you means regular repayments for them. Of course, the more you have saved and the less you have to borrow, the better your chances are.

Answer 2

Sorry it won't work. You need at least 20% of the asking price and a good track record in business. You have no equity for the Bank to fall back on and pubs are closing in the UK every day. I have owned 3 business's and had a bank loan and their checks are very stringent. You also need a very clean credit rating.

Answer 3

I am Mr. Mr Michael Jonah from Los Angeles, Last year i applied for a loan with DCMFB UK and they told me i wasnt qualified, i applied again in Januray and after some certain prayers and fasting, they issued me the loan of $90,000.00USD and now i am currently debt free and i have my own establishment now. You can contact them to via email on [e-mail] and no upfront, no insurance and they can offer any type of loan with good or bad credit scroe.