Restaurant financing may be a bit tricky with a bank. They will be worried about how they will get their money back and when they will get their money back. A restaurant is not a sure success and it may not even take off. Restaurants do not depend on themselves to make money, they depend on others liking their food and service.
The first thing to do is to finish and compliment the general idea you want to create. What kind of restaurant you will have, the type of food you will sell and the size of the seating plus the kitchen. After this you must decide on where in the city you want to start your restaurant and why. Not only the food and service are important, the location is vital.
These investors do not require guarantees or collaterals for their loans, they have people supervise their investment until it is returned to them. Mind you, these are not banks and they will help you in many ways a bank wont to get your restaurant project to work and start. Their issue is not to get their money back plus interest, they have plenty of money.
Sit for some time outside the place you intend to rent and count how many people go by in an hour. Do it again on another day and another time. You must gather information because you must prove to the bank that your location is the right place and that your restaurant will work there.
When you have the general information there are several websites that will help you find investors that specialize on food industry financing. Write to several of them, some will answer others wont. They receive many requests every day so you must have patience and continue searching even after you have contacted a couple of them.
You must also get a promise from the owner of the place that he will sell or rent it to you for a certain amount of money and for a certain amount of time. The bank will not lend you money if you do not have reassurance of the price and conditions for at least three or four years. It does not matter that there will be a raise in rent every year, they need to know when and how much.
It is now time to gather all the information and present it to the bank. If the numbers are good and your idea is logical you will probably get the money you need. If your credit history is also good you will probably have no problems, they may ask for some kind of collateral or co signature but they will not say no to the loan.
The first thing to do is to finish and compliment the general idea you want to create. What kind of restaurant you will have, the type of food you will sell and the size of the seating plus the kitchen. After this you must decide on where in the city you want to start your restaurant and why. Not only the food and service are important, the location is vital.
These investors do not require guarantees or collaterals for their loans, they have people supervise their investment until it is returned to them. Mind you, these are not banks and they will help you in many ways a bank wont to get your restaurant project to work and start. Their issue is not to get their money back plus interest, they have plenty of money.
Sit for some time outside the place you intend to rent and count how many people go by in an hour. Do it again on another day and another time. You must gather information because you must prove to the bank that your location is the right place and that your restaurant will work there.
When you have the general information there are several websites that will help you find investors that specialize on food industry financing. Write to several of them, some will answer others wont. They receive many requests every day so you must have patience and continue searching even after you have contacted a couple of them.
You must also get a promise from the owner of the place that he will sell or rent it to you for a certain amount of money and for a certain amount of time. The bank will not lend you money if you do not have reassurance of the price and conditions for at least three or four years. It does not matter that there will be a raise in rent every year, they need to know when and how much.
It is now time to gather all the information and present it to the bank. If the numbers are good and your idea is logical you will probably get the money you need. If your credit history is also good you will probably have no problems, they may ask for some kind of collateral or co signature but they will not say no to the loan.
About the Author:
Find important details and information on how you can get a business cash advance easy! When you want to get restaurant financing, having all of the tools available will provide you with the success you want!
No comments:
Post a Comment