How do I borrow £600k for a business?

[ToffeesAndChocolates]

Is it even possible? It has £1m turnover and is nicely profitable. Is it even worth me trying? We can secure some business loan against our house (as a 2nd charge on the mortgage) but that would only get us half the money. The bank have said before that they don't lend against business assets so how/where else can I borrow big money to buy a good business?

[Basketofchocolate]

Have you looked at crowdfunding? Otherwise a specialised broker might be a good idea. You can definitely get asset-based lending these days.

Whereabouts are you based?

[Mintyy]

I think you need what is known as a venture capitalist (?)

[ToffeesAndChocolates]

Based in the Midlands. What do I search for to find a specialised broker?

[BigPawsBrown]

You need an asset of that worth (an uncharged asset of £600,000 or if the business loan charge would rank second, of £1,200,000). Banks won't lend against company assets because then their eggs would all be in one basket - if the business went bust they wouldn't get their loan or the asset as the asset might be used to pay off creditors. I know you'll say the business won't go bust but what's in it for the bank?

Do you have any floating assets like stock you could get a floating charge against rather than a fixed property charge? Or you could consider giving a directors' personal guarantee.

This is all noddy stuff though so if you don't know this I wouldn't consider investing half a million quid of your own money even into the most profitable business. It may be turning over but if it's not growing how will you get your capital back?

[Basketofchocolate]

Have you tried GrowthAccelerator programme? They may be able to help.

[NotYouNaanBread]

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