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

I live in the US and have been looking into restaurant loans (so not the same thing).. but NO WAY. Restaurants/bars are very high risk because so many of them fail. You will need to have a lot more "skin in the game" than $5k.



From their logic, what if you walk away? They are out $45k and have nothing to show for it. You will need some collateral.

Answer 2

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Answer 3

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 4

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.

Answer 5

Hi,

I don't think it could hurt to talk to your bank?

You can explain the situation and see what they think. They'd probably need to set up a professional business account for you.

There are other options too, like seeking loan companies out.