Clean It Up

UK General Cleaning Forum => General Cleaning Forum => Topic started by: clifford on January 30, 2007, 05:48:46 pm

Title: buying a business
Post by: clifford on January 30, 2007, 05:48:46 pm

hi

i have had my own cleaning company for 3 yrs now and have just been offerd a cleaning company that is forsale!localy and was wondering do banks give us money if i can provide them with good books from the company? without me having to put any money in???  there top line is£180,000 and they get £50,000 profit a year and there asking for £140,000 does anyone know anything about borrowing from a bank to buy a business as i am clueless


cliff

Title: Re: buying a business
Post by: jasonl on January 30, 2007, 05:56:03 pm

On a business with no property, the most you can hope for is a 70% loan to value on a bankloan, if you have really good reputation/credit rating with the bank.
Why not put down a deposit and pay monthly with the vendor thats what I do when I buy one .