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refinancing a business and moving banks

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  • 18-04-2012 3:37pm
    #1
    Reagh
    Registered Users Posts: 12 ✭


    Our business is currently engaged with a european bank that have been operating in ireland for the last number of years. Due to changes in european policy our particular business needs refinancing over the next 6 months. It has become realistic to us that we will not get the finance from our current bank.
    Although the last couple of years have been tough for our sector the long term prospects remain positive. Having spoken to a major player involved in the industry last week I am led to believe that another bank would be willing to deal with us (as other business have moved to them recently.). I am well educated, enthuastic and driven but as I am young have not much experience in how I should deal with meeting this new bank. We would be looking to finance the loan over 15 years and our turnover would increase to between 4.5million and 4.8miillion after the new works have been carried out. (currently between 3.9 and 4.2 ml.) If we secured the new finance our repayments per product sold would actually decrease and our business would be set up for the next 15+ years.
    I would like to get advice and meet someone to talk this through.
    any advice??
    Pm me and I will give a broader insight into the proposition..


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