Taking mortgage for starting a business..!!

[Jevin_zac]

Hey guys,
We have a grocery shop nearby our home. It was our mom who managed the shop for years, as she got sick I got in charge of the shop. I started to take care of the shop a few months back. However, I'm planning to extend the shop for a cafeteria. I think it would be a good strategy because people coming to the shop can enjoy the snacks and drinks, and a good marketing plan like introducing a countertop cooler, or glass door refrigerator would help to increase sales. As this is my plan, I have to raise fund for investing in this, and I'm facing some financial problems now. So I'm planning to seek help from any mortgage lenders. A few of my friends suggested visiting a few agencies for the same. But you know, when it comes to money, we have to confirm a little more. So if anyone here has any prior experience in lending money based on mortgage, please let me know. I would be grateful for your thoughts on this.

 

[fed up]

Get a business loan

 

[fed up]

Always wonder about first posts which include hyperlinks. Talk to a bank about any loans

 

[Markthebroker]

Always wonder about first posts which include hyperlinks. Talk to a bank about any loans

Hi!! Thanks for the post!! I noticed your thread title has exclamation marks, so I will use them too!! You asked about lending money based on mortgage, what are you talkin about? Do you mean taking out a second mortgage on your home? On your mother's home? On the grocery store building you perhaps a loan on the business?

I have leveraged my home before, and will certainly do it again. Personally, for something like this I would not leverage my home. Especially, in your case you have something which I assume is generating cash and can be leveraged against, I'm talking about the business.

Coming to this forum to get some ideas is it good start. Your next step should be to find a very honest, ethical, experienced loan broker to take the next steps.

 

[fed up]

Hi!! Thanks for the post!! I noticed your thread title has exclamation marks, so I will use them too!! You asked about lending money based on mortgage, what are you talkin about? Do you mean taking out a second mortgage on your home? On your mother's home? On the grocery store building you perhaps a loan on the business?

I have leveraged my home before, and will certainly do it again. Personally, for something like this I would not leverage my home. Especially, in your case you have something which I assume is generating cash and can be leveraged against, I'm talking about the business.

Coming to this forum to get some ideas is it good start. Your next step should be to find a very honest, ethical, experienced loan broker to take the next steps.

I think he is trying to sell coolers

 

[Markthebroker]

I think he is trying to sell coolers

Ugh, I think you might be right.

 

[fed up]

Now I am convinced he was only trying to sell coolers

 

[Orbeck]

Well, for starting a business you actually need a business loan, as that would be way more logical and the conditions are way better for it. That is exactly what I have done back in the day when I decided to actually open my own business, as it is kind of impossible to open a business without money. I actually had to look for a company offering asset based lending, as it was the best solution for me at that time. They gave me a great loan, and I am very thankful to them, as due to them I have my own business and I do not have to work for someone.