Business Franchise How Do I Raise Funds To Buy?
Many people buying a franchise opportunity or starting a business for the first time raise funds by getting a second mortgage on their property. This method is extremely popular due to the fact that it is possible to raise funds at exceptionally favourable terms. The interest rates are the lowest in the market and you can spread payments over many years.
Many people turn to their family and friends to either provide funds. The benefit of getting loans from friends and family is that often there is no arrangement fee and interest is usually waived. The problem with this is that if you fail for whatever reason chances are you will also lose a friend and bring financial pressures to bear to someone close to you!
If people are trying to raise money from the banks and they do not have a decent credit score they can often overcome this by getting personal guarantees from people close to them. Banks now know that if there is a problem getting repaid they can chase the guarantor for sums outstanding. Again this method carries the risk of bring you into disrepute with someone close to you.
One of the benefits...
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