Really complicated situation for Katymac's Sustainable Nursery

[Katymac]

Excuse my lack of proper punctuation....MN has corrupted all my apostrophies

The situation thus far

I have raised about 130K towards opening the nursery - basically I have remortgaged and sold my soul to several devils to do this and its not enough.

The architect and I recon we need about 150-180K to do it

I have been put in touch with a man (I guess he is a fixer) who can refinance it all without my house being on the line - it would be a longer pay back and there is a very large fee involved. I would get a lot of very hands on consultancy and support (legal/accountancy/HR etc)

I have some issues/problmes with it all - but it does seem to be a reasonable deal.

Deal as I see it;

I have too:
a)Pay XXX initially after contracts signed
b)Pay up to YYY each 4/5 weeks for an unspecified length of time
c)Pay expenses ? no idea of how much
d)Do everything they say

They have to
a)Provide advice
b)Arrange grants/loans totalling 180,000
c)Ensure that Walnut Corner gets up & running

OK stuff I am concerned about

1. What if the loans they arrange are so high interest I cant afford them
2. What if after they look through my paperwork etc they decide the nursery cant make any money
3. What if the person leasing me the barn doesnt want to do what they want ? I dont want him to be pressured
4. What if we have a disagreement about something integral to the concept, something I feel morally about that will cost more but that I cant (emotionally) lose

Can you lot think of anything I havent thought of or have any views on the deal??

bubble's idea of a dance class renting from you is good.

what? and mine's just chopped liver, is it?

No, it was just shit Aitch

it's a brilliant idea. i'd pay a fricking fortune for a guaranteed parking space beside my house. and so long as they parked after, say 6pm and left before, say, 8am, she'd be quids in.

not sure that she lives in a commuter sort of area aitch.

it was a fabulous idea bit not as good as bubble's!

whatevvur...

lol

Sorry Aitch round here you could park articulated lorries and still have room to park the horse box & 3 tractors

I think it's a bit of a different culture?

Hopefuly DH will be running the dance class

I also have bookings for a play & praise (for under 5's during the day) & and evening church group for teenagers plus possibly line dancing

My dad & I had a long talk this AM

I will not be going with this chap based on his terms

Is it too simple a solution to say why don't you look for premises that need less doing to them?

think you're wise Katie. It would have made me very nervous too. Did you check them out with the bank as they may have encountered them before?

what about speaking to your bank manager to see if he knows anyone who mightbe interested in investing as a sleeping partner?

Katy, ex-banker here again.

I had an email a few weeks ago about some funding available in the form of a grant from Devon County Council, Zero 14+ department. From memory it was a fund allocating up to £40,000 pa to new incentives to encourage children to play.

I can't remember exact details but if you could tell me which area your nursery would be in, I could give you an idea of who to contact in your own council. I'm fairly certain it was a nationwide initiative.

Thanks Wakeupcall

I'm in Norfolk

I am speaking to someone else today about alternative finance

Well she said she would get back to me.....she seemed very nice

Katy, I had a little shuffle through my inbox and I think the email must be out of date by now. It was an initiative funded by the Big Lottery that each individual council had to provide 'letters of intent' for by the end of June.

Why don't you try calling your Council early years department and ask if they know anything about it. It was a fund dedicated to NEW play initiatives so I'm sure a new nursery would be eligible. The council may have submitted a Letter of Intent and will now be looking for schemes to take the money.

If it's throught Early Years I speak to them regularily & they have repeatedly told me all funding will be going to children's centres not private enterprise

So that's that

Thanks anyway - I guess a commercail loan is prob the way to go

I just need to find one