A small established newsagents in my area is up for sale for £55k that I'd love to buy. It's the only newsagents in the immediate area with lots of housing surrounding it. There's no other commercial properties nearby so won't need to worry much about a competing newsagents opening up.
It turns over 6k a week but no idea (yet) how much profit. Obviously if buying in my situation is a possibility then I'd investigate the numbers further but assuming that it makes a decent enough profit then it would essentially pay for itself. My family would be willing to help run the shop and said they wouldn't want paid for their time, at least for 6 months or so.
I have no savings so couldn't pay a deposit for a mortgage however I own a house which is mortgage free worth 180k. Could I use my home as security for obtaining a commercial mortgage? Naturally I'd only do this if buying the newsagents is a safe bet but it is my only asset that I could use for security.
Since I could guarantee the mortgage with my own home, would this make obtaining the mortgage relatively easy or would the bank still want business plans, proposals and whatnot?
I know nothing about commercial mortgages so advice would be greatly appreciated. :D
It turns over 6k a week but no idea (yet) how much profit. Obviously if buying in my situation is a possibility then I'd investigate the numbers further but assuming that it makes a decent enough profit then it would essentially pay for itself. My family would be willing to help run the shop and said they wouldn't want paid for their time, at least for 6 months or so.
I have no savings so couldn't pay a deposit for a mortgage however I own a house which is mortgage free worth 180k. Could I use my home as security for obtaining a commercial mortgage? Naturally I'd only do this if buying the newsagents is a safe bet but it is my only asset that I could use for security.
Since I could guarantee the mortgage with my own home, would this make obtaining the mortgage relatively easy or would the bank still want business plans, proposals and whatnot?
I know nothing about commercial mortgages so advice would be greatly appreciated. :D