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Support to buy B&B business

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  • 09-12-2014 1:36pm
    #1
    smurfsturf
    Registered Users Posts: 36 ✭


    Hello,

    I am the early stages of looking to acquire a successful B&B business as a going concern. I have yet to perform due diligence on the business, but before I do would like to get a sense of BoI's willingness/appetite to support such a venture.

    The specific details are sketchy right now...
    Cost: Euro350K (own contribution Euro200K)
    Security: Charge over freehold property
    Sole source of repayment: Ongoing trade receipts

    Is this a deal that could be financed via a mortgage? Is so, over what term? What info will be required to get BoI comfortable with the source of repayment, bearing in mind historic results will be based on previous ownership? Any other important issues/considerations I may have missed?

    Many questions but need to make a start somewhere as I begin to assess whether this opportunity is a worthwhile endeavour!

    Thank you


Comments

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    #2
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Hi smurfsturf,

    Thanks for your post and welcome to Boards.ie.

    We would suggest contacting a Business Advisor in your local branch who will be more than happy to go through this in detail with you. We also have information on business loans here, which you may find helpful. 

    As your query is very much account specific, we would be unable to assist you with this here.  

    Thanks and the best of luck with the new business.
    Tara


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