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    I know the criteria for mortgages but is it possible to get a business loan to buy a business that's already successful (not start your own) with amazing credit but average income, provided you show all the accounts and shite showing that the business is successful and able to keep up with the monthly payments? Just curious to see what the criteria is 😌
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    It would depend on how much you have to put in, how much you wanted to borrow, what the company was and what your business plan was as well. Mortgages are different becayse they get to secure it on the house.
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    (Original post by 999tigger)
    It would depend on how much you have to put in, how much you wanted to borrow, what the company was and what your business plan was as well. Mortgages are different becayse they get to secure it on the house.
    Let's say a company that is up for sale for £400k, making a net profit every year of £150k, and I have 50k to put in, and I earn £25k every year from my job but looking to quit to run that business. Would I be able to secure that loan or are chances slim? Hypothetically
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    (Original post by Axlerod)
    Let's say a company that is up for sale for £400k, making a net profit every year of £150k, and I have 50k to put in, and I earn £25k every year from my job but looking to quit to run that business. Would I be able to secure that loan or are chances slim? Hypothetically

    You will need to contact the bank tbh. The bank will need to consider what it cna secure the loan against.
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    (Original post by Axlerod)
    I know the criteria for mortgages but is it possible to get a business loan to buy a business that's already successful (not start your own) with amazing credit but average income, provided you show all the accounts and shite showing that the business is successful and able to keep up with the monthly payments? Just curious to see what the criteria is 😌
    it is possible but you will have to have at least in my experience of business banking 25% upfront yourself so if you buy a half million pound company the you need 125k available right now before they transfer that why when i expand i am getting private investment and selling bonded equity
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    (Original post by Axlerod)
    Let's say a company that is up for sale for £400k, making a net profit every year of £150k, and I have 50k to put in, and I earn £25k every year from my job but looking to quit to run that business. Would I be able to secure that loan or are chances slim? Hypothetically

    You can in theory. You need to show them your business plan and what you need the money for. You also need to have a good credit score and show you can make the payments. . Each application is dealt on its merit and individual circumstances. Also proper filed accounts are also needed. Another option is peer to peer lending if the banks are reluctant to lend. Good luck and let us know what happened.
 
 
 
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