A pub owner may want to refurbish his earlier set up, start a new one, pay off an existing debt, incorporate a food section with in your earlier firm, whatever the need be, you can create a lot of difference and change the way your recreation centre looks like. Approach a mortgage lender for business and you will soon be able to fix your financial problem.
Two options open before you are:
You can borrow money from commercial mortgage brokers/lenders or a brewery owner. Check for the existence of a brewery loan in your region. Nothing can beat the competitive rates offered by the brewery owner. A regular commercial lender may not have special loans for pub owners unlike the brewery owner.
Before you start of setting up a commercial enterprise consider the various options before you. There are large breweries available who would be willing to offer you financial support in exchange of one year's liquor supply signed up with you. It could be used for setting up of bar, restaurant as well. You have to sign up an agreement with your brewery owner that you would get your whole year's liquor supply from them. It is not just the loans which are offered at lower rates but also the liquor is offered at a discount.
Make use of a commercial property which has a good equity value. If your equity is better the lender will be assured of the repayments on time. The higher the value of your equity better is your loan rate. Similarly, if your credit reports are also maintained clean, then no one can stop you from getting the most competitive rates. A positive credit score will help you gain better loan rates. You can close all the smaller dues first and then get another loan. This will reflect positive image in the eye's of the lender.
Seek advice from commercial mortgage experts to:
- Start a new pub
- Renovate your old one
- Pay off your existing business dues
- Add a bar counter
- Add a food court
Due to the risk involved in business loans, they ask for a down payment which is also known as the deposit of 20-30% of your actual mortgage amount. They will also ask for evidence on how you would repay them? These will serve enough proof of repayment to the lender. Always compare various terms in order to get the best.