Minimum £50,000
MAXIMUM
Normally 75% of open market value for smaller businesses.
INTEREST RATE
Variable from = Cost of funds plus 1.5%
Fixed rates from=8.6% for five years/ 8.6% for ten years
TERM
Up to 25 years
SECURITY
First charge over freehold or long leasehold public houses, non seasonal hotels and restaurants
FEES
Lender typically 1% of advance
Borrower to pay lenders legal and valuation costs
Broker fee normally 1% of the advance
NOTES
In all cases it will be necessary to show the applicants ability to operate the business successfully. Historic trading accounts and projections for the business will be required
These details apply only to owner occupied freehold and long leasehold only.
Where tenants are purchasing at discounted prices special schemes are available
© Lextel Services To Industry Llimited 2004