Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Let-to-Buy a "commercial" office

Options
  • 18-11-2013 12:03pm
    #1
    Ctrl Alt Del
    Registered Users Posts: 357 ✭✭


    Hello,

    I guess it came to that moment when i have to upgrade to LTD from sole-trader.

    I need to rent an office with the hope that after one year and keeping my bank account happy,i will be able to buy it. Nothing big,maybe 100sqm,normal location.Found one that fits my business plans for next 3 years at €65k.

    My relation with my bank BoI is crap,due to my branch manager been a smarty,we had few clashes so my hope to get a loan from them is closer to minus infinity.And as we know,if the branch manager doesn't like you ,forget it...

    Anyone here have managed to get a commercial loan to buy an office?
    How did you run it with the bank ?
    Can i open a new LTD bank account with another bank and start fresh ?
    What kind of terms & conditions do they ask for ?

    Thanks in advance.


Comments

  • Options
    #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Branch managers have very little left in the way of discretionary power to grant loans so it's unlikely he/she would be making the decision. That said of course the branch manager could make it quite clear 'upstairs' that he wouldn't support your loan application.

    Any reason you're not moving bank, or at least moving branch?

    As per your other thread, have a chat with your accountant.


  • Options
    #3
    dbran
    Registered Users Posts: 2,094 ✭✭✭dbran


    Hi

    Putting property into a limited company is not a good idea.

    Best Regards

    dbran


  • Options
    #4
    neris
    Registered Users Posts: 20,054 ✭✭✭✭neris


    Have you tried the business manager in your area rather then the branch manager? We recently went to boi to get a loan to buy the premises we are renting. The business manager was good and gave us a range of options on lending but the decision makers were very quick to say no. Good luck with it.


Advertisement