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  • #995665
    Bla0018
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    • Total posts: 5
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    Hi
    This is my first post on FS so hi all .
    Looking to invest into a electrical business selling led products and been operating for 38 years and is well established.

    Have no idea about business finance loans ect.
    It will be bought under partnership looking for an expert Mortage broker that’s very clued in on business loans (not your local Mortage choice agent)

    Replies will be greatly appreciated

    (Also extra info I’m working in the electrical field as an a class electrician my business partner is a senior manager in a very large international corporation.)

    #1203294
    LucasArthur
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    Please define ‘partnership’? do you mean 2 (or more) are buying into the business under your own personal name – partnership – as opposed to setting up a company to own it?

    Also, what do you mean by invest? are you not taking a controlling party in this business? will you be working in it? are you being brought into the business as a cash injection etc etc etc

    Is it a business loan – you buying the business – or are you needing cash to inject into someone elses business? each scenario will dictate a different requirement – one will be you taking money somehow (its not a business loan if you are just injecting cash unless you OWN the business) and if you are buying the business you may be eligible for a business loan depending on a whole raft of other requirements, such as:
    – your personal balance sheet
    – your personal PAYG – and is it ongoing
    – your security on offer
    – the configuration of the business – being pty ltd or other
    – etc etc

    Might pay to run this past a BIG FOUR business banker – in branch – to get the ball rolling as there is just so many options and variables that you would need to disclose personal details in order to get the best referral – IMO…

    Good luck though
    Jason

    ps.. i know some mortgage choice agents whose background is business finance, so just an FYI it may pay not to ‘exclude’ a business based on perception – as they too should not exclude you for a business loan based on initial thoughts..

    Jason Ramage | Lucas Arthur Pty Ltd | E: [email protected]   P: 61 3 8324 0344    M: 61 412 244 888
    #1203295
    Bla0018
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    Hi Jason cheers for the response the partnership will be me and another party we are buying the business under our personal names.
    The business is currently running under management with the current vendor in and out just keeping an eye on things. We would like to keep it this way for the mean time and over a space of a year or 2 monitor and transition into the business then making changes as required.

    Yeah it was more a generalisation didn’t mean to offend any Mortage choice brokers sure there’s some great ones out there.

    Would prefer to go to a business finance broker then direct to the bank but again depends on the broker

    #1203296
    Paul – FS Concierge
    Keymaster
    • Total posts: 3,488
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    Bla0018, post: 241096, member: 87842 wrote:
    Hi
    This is my first post on FS so hi all .
    Looking to invest into a electrical business selling led products and been operating for 38 years and is well established.

    Have no idea about business finance loans ect.
    It will be bought under partnership looking for an expert Mortage broker that’s very clued in on business loans (not your local Mortage choice agent)

    Replies will be greatly appreciated

    (Also extra info I’m working in the electrical field as an a class electrician my business partner is a senior manager in a very large international corporation.)
    Welcome to the Flying Solo Forums Bla0018

    Good luck with the new venture and the new partnership too.

    Cheers

    #1203297
    Pin Payments
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    • Total posts: 33
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    We recently partnered with Moula, I’d recommend having a chat with them https://pin.net.au/blog/moula

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