I have been approved to purchase a joint venture franchise business.
The purchase price is €800,000.
The bank is willing to loan the total amount but requires me to have 10%.
Due to have two NE apartments which we have pumped a lot of our savings into we don't have much savings and certainly not €80,000.
I am looking for suggestions on how I can get around this.
Do the banks want it to be from your own savings where they will want to see evidence that you have saved it up rather than been given the money from another source?
I was thinking of looking for an investor who will put up the €80,000 but not sure what type of return would be reasonable in such a situation???
Don't want to share any equity or need them to have any dealing in the business, just to put up the deposit and get it back with interest over 5 years or so.
Is this a realistic option and what type of a return would a inverstor need in such a situation?
The purchase price is €800,000.
The bank is willing to loan the total amount but requires me to have 10%.
Due to have two NE apartments which we have pumped a lot of our savings into we don't have much savings and certainly not €80,000.
I am looking for suggestions on how I can get around this.
Do the banks want it to be from your own savings where they will want to see evidence that you have saved it up rather than been given the money from another source?
I was thinking of looking for an investor who will put up the €80,000 but not sure what type of return would be reasonable in such a situation???
Don't want to share any equity or need them to have any dealing in the business, just to put up the deposit and get it back with interest over 5 years or so.
Is this a realistic option and what type of a return would a inverstor need in such a situation?