Question
Would I be able to get a Commercial Morgage/Loan?
Would I be able to get a Commercial Mortgage/Loan? I have been working for garages since I was 16 but since my last job, where I was having trouble with a manager, I haven't been able to find another so I am currently on Job Seekers Allowance. I have come across an opportunity where I can buy a fully established large garage for £150,000 freehold. The thing is, I have no deposit and for the past 3 months I have missed my credit card payments. I think it should be taken into account that I am only 20 years old going onto 21 but I am very serious about running a business. I was just wondering what my options are. Thanks in advance. EDIT: I should also add that it has its own MOT testing station and comes with 3 full time employees and one part time. I haven't yet seen the accounts but I am waiting for them. (I did ask this late last night but I was hoping for more answers/suggestions)
6 months ago - 1 answers
Best Answer
Chosen by Asker
Commercial loans are much stricter than buying a home. You would be hard-pressed to get a home loan with your credit card payments and your lack of savings. But you can make this garage purchase work. You need a partner who will advance you the money in return for a share of the profits. You are going to have to do a lot of work once your partner pays the money. It won't be ok for you to go on vacation as soon as your buy the garage. You can advertise for a partner. Or visit lots of other garages and find a partner.
by Ed Atun
6 months ago
Asker's Rating: 