Lending to buy a franchise

JKetch

Registered User
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I'm looking into a career change and the possibility of buying a franchise. Does anyone have any recent experience of approaching the banks for financing a franchise?

Unfortunately all my savings are locked away in a pension and at 50 years of age I can't release any of the money. This means I would be looking at 100% finance. I have good equity in my house where the mortgage is 100k to a value 370K so would they lend against that?

Total startup cost including equipment, training and franchise is 35K.

Any advice is greatly appreciated.
 
Just make sure that the franchise paperwork does not need you to hold permanent cash balances.
For example if you want to have a McD's franchise, the cash balance is 6 figures.
Also if u are married, some require involvement of spouse.
Good luck!
 
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