Raising money for business when retired

M

MrQ

Registered User
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Hi I was just wondering for someone who retires on ill health grounds and has a guaranteed regular income even if small will the banks consider lending for a business based on this income?

Many thanks
 
If you can demonstrate repayment capacity, a good credit rating, account performance and the amount is not of a value that security is required then yes they will.
 
Thanks a lot Palerider... Can I just ask what value would security be required for would you think approximately?
 
You know that is actually difficult to answer, If all the other pieces of the equation are strong then the security may not be requested at all so it is not an easy one to answer.

I would say subject to good credit status, the loan making sense and supporting documents to assist the lender make a yes decision that security may be requested at maybe €10k..?, that is subjective and depends on credit history, the Bank you have been dealing with for years may use a credit scoring model that could suit you, only you know your history and no security may be required, go make an appointment and get yourself credit approved even in principle.
 
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