Raising money to buy a business quickly, ideas please?

[pinkmagic1]

DH and I have been talking about becoming self employed for many years.
A business in the area we used to live has just gone on the market. We knew the owners of this business fairly well several years ago. It was very successful and well run and the couple only sold up as they retired and emigrated. My DH actually enquired about this business back then but it was way beyond our means. The business has gone down hill a little in recent years as the current owner has not had the time to put into it and wishes to sell due to other commitments. It is for sale at a bargain price (the equipment alone is worth far more than the asking price including 10 year renewable lease.)
We want to buy the business and believe with a lot of work we can bring it back to its former glory but we have no capitol. We need to act quickly as there are quite a few interested parties. We could get a personal loan but I don't think they will lend for this will they? I don't think we could get a business loan either. Any suggestions?

Bump

How much £££ are you talking about?

You could remortgage, or ask the bank for some money - but they'd want business plan and forecasts which you'd have to knock up fairly quickly.
or find a business partner with access to funds?

Why don't you think you could get a business loan? If the business stacks up and the price is right (which it sounds like it is) then I would have thought a bank would look at a loan. They will want a business plan and a set of financial projections.

Or you could remortgage as Tracy said.

No business experience, a business which is in decline, no capital to put towards the purchase, mere speculation that the business could be turned around or that decline is due to owner indifference, would you lend to you ?

I don't think you stand any chance of raising finance and I don't think you would have stood a chance before the credit crunch.

You cannot get a loan to put up cash to get a bank to loan you more. That is just not going to happen.

To be honest, if you have no capital, that is the area which needs addressing most urgently as you have no safety net should your current circumstances change. If you have been unable to build up any capital, then you will not be able to pay back loans and so forth.

If you had some capital, then perhaps owner financing would be an idea. However I do not think that be ideal as you have no idea why this business is in decline and what profits, not revenues, it could bring in.

Not the answer you want I know but I'd like a hotel to run but I know that without significant capital from me, the business is a non starter.