Hi,
I have a relatively small retail business and I'm currently in a building on a 10 year lease of which 2 years have passed.
The building has come up for sale and its expected to sell for approximately 10 times my rent which I think is a pretty standard evaluation.
I want to buy the building but it looks like I'll need to have 35% of the price myself. Unfortunately I don't. To me its such a obvious purchase as I'll have paid that amount anyway by the time the lease ends. My business is young but is going well and has started to become profitable.
I have 10% available but does anyone have advice on how to get the the other 25%. The bank says that I cant borrow this from somewhere else but is that really an issue?
I have equity in my house but the mortgage holders wont release any if its not for home improvements etc.
I'm running out of ideas but I really want to make this happen, so any help would be greatly appreciated.
I have a relatively small retail business and I'm currently in a building on a 10 year lease of which 2 years have passed.
The building has come up for sale and its expected to sell for approximately 10 times my rent which I think is a pretty standard evaluation.
I want to buy the building but it looks like I'll need to have 35% of the price myself. Unfortunately I don't. To me its such a obvious purchase as I'll have paid that amount anyway by the time the lease ends. My business is young but is going well and has started to become profitable.
I have 10% available but does anyone have advice on how to get the the other 25%. The bank says that I cant borrow this from somewhere else but is that really an issue?
I have equity in my house but the mortgage holders wont release any if its not for home improvements etc.
I'm running out of ideas but I really want to make this happen, so any help would be greatly appreciated.