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Mortgage for family business

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billy
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Mortgage for family business  Reply with quote  

Hi all,
My father runs a restaurant. I have just finished my studies, and I am planning to join him in the business, since my father is retiring soon, I am planning to take over the restaurant, and look after it. We have huge debts, and if I want to take over, I need to pay off the debts, and start from the beginning, because even our goodwill has been affected badly. So, I need to start on a new note. I am also planning to open a new branch of our restaurant But, I do not have enough funds for this, and I am thinking of taking a loan. I have heard from my friend that there are loans available for people working in family business. I read this blog http://www.albertamortgagecentre.com/step-by-step-how-to-get-a-mortgage-if-you-work-for-a-family-member/ . I want to know how to get a mortgage if we work in a family business. Also, are there any types of loans which would be best for us? Looking forward to your advice. Thank you.


Last edited by billy on Thu Feb 02, 2017 5:40 am; edited 1 time in total
Post Tue Jan 24, 2017 6:11 am
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oldguy
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Your 'friend' is playing a trick on you, there is no such blog about "step by step how to get a mortgage if you work for a family member".
The Alberta Mortgage Centre is a broker, they search for home mortgages for clients. They may (or may not) want business loans.
You could ask them - you would need to present a Business Plan. But, judging by your description, the business is not viable already - and your plan to add to a non-viable business by adding another branch is very unlikely to attract lenders. Perhaps you could advertise for venture capitalists but, again, Most lenders would not be interested in that kind of risk.

A better plan might be for you to find a job in the restaurant business by a stranger, learn the basics, learn how other restaurants build profitable businesses - and then return to the family business after 3 or 4 years - it's always good to learn from a non-family member and thru a new pair of eyes.
Post Tue Jan 24, 2017 4:30 pm
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Andrew Hunter
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Various people are having their family business and running the business in a good way. The people do facing problems with their mortgage custom term paper writing services business they have to get suggestions from the experienced person and leering business skills as well. Education is the first priority to run any kind of business.
Post Wed Feb 01, 2017 9:09 am
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billy
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Thank you for the replies. I think I would need more time to enter the family business.
Post Thu Feb 02, 2017 5:42 am
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