Two Friends Cafe

Hi Adam, how are you doing this evening? Hi Henry, I'm fine, but you seem a bit preoccupied today. What's the matter with you? I'm facing some financial problems regarding my business recently, nothing else. Oh, I'm sorry to hear that. Could you please tell me what these issues are? I might be able to help you. Thanks for your concern, but there is not much to tell. My restaurant business has been losing money for a few months, due to the increased competition in the vicinity. Two new restaurants have been opened near it, and their customership is growing with every passing day. And what is the reason behind all this scenario? The competitors have invested a lot of money to make the building more attractive. There is a play land for the children, and an outdoor barbecue place which my restaurant doesn't have. And neither my financial position allows me to make such a big investment. That's not a big problem. You can take a mortgage loan, from a bank or some other lender for your business property. But wouldn't it be difficult for me to repay this loan? Not at all. Business or commercial mortgages are medi By using the mortgage money, you can purchase the adjacent land and extend your restaurant's premises. Is it better than renting a property? Yes, of course, it is. By buying property or land for business use, you will own the premises as an asset. In this case, you can avoid paying the landlord rent, plus your mortgage payments could be significantly cheaper too. How can I get a mortgage for a business property? Different lenders specialize in lending to various business types, so take some time to research, which one is most suitable for you. You can do it by looking at some of the more prominent lenders, websites for some commercial mortgage rates comparisons. Or you can hire a specialist business or commercial mortgage, broker and benefit from their knowledge of the market. A broker takes the stress out of the mortgage application, and finds the highest loan to value ratio. And what are the doc You'll need proof of identity, which can be a passport or a driving license, personal and business bank statements, a business plan detailing how you will repay the loan, assets and liabilities statement and property details. Thanks for all the information. I will carry on my research, and if I have any questions, I will contact you. I am glad I could assist in any way possible. We will keep in touch, Sure, goodbye. Bye. That's all for today. We hope you will have found it informative and useful Hit the bell icon to get notifications about the upcoming videos.