Hi, I'll try to keep this succinct!
Looking for advice on the best approach to a new venture my wife and I are starting on.
We have an 18th century coach house, which we want to turn into two, 2-bed houses.
Kildare County Council will not allow it for resi use, so we have to get commercial planning as a tourist short-term rental, which is fine.
So as it's commercial, we cannot get a mortgage, and we won't qualify for the derelict property grant, or SEAI grant, which is unfortunate!
I have been advised to apply for a business loan in our own names, then setup a company which will lease the property from us. The company would run the tourism rental business, obviously, and the financial benefit is that the interest on the loan can go against income tax. Is that all correct, and good advice?
We may qualify for a rural development grant, but even if we do, they don't release the funds until the development is turn-key. We have around half of the total development money cash-on-hand, so we need a business loan for the rest, or at least a small business loan, and a bridging loan for the grant money if we get it. Can anyone advise who are the best lenders in this space? Microfinance Ireland can offer up to €50k. Some of the non-traditional banks have minimum loan amounts higher than we need. Is it just AIB, BOI, and PTSB?
Any advice at all would be greatly appreciated. I'm writing a business plan at the moment and there are a lot of threads to pull together. Before I convince a bank it's a good idea, I have to convince my wife and myself! Cheers
Looking for advice on the best approach to a new venture my wife and I are starting on.
We have an 18th century coach house, which we want to turn into two, 2-bed houses.
Kildare County Council will not allow it for resi use, so we have to get commercial planning as a tourist short-term rental, which is fine.
So as it's commercial, we cannot get a mortgage, and we won't qualify for the derelict property grant, or SEAI grant, which is unfortunate!
I have been advised to apply for a business loan in our own names, then setup a company which will lease the property from us. The company would run the tourism rental business, obviously, and the financial benefit is that the interest on the loan can go against income tax. Is that all correct, and good advice?
We may qualify for a rural development grant, but even if we do, they don't release the funds until the development is turn-key. We have around half of the total development money cash-on-hand, so we need a business loan for the rest, or at least a small business loan, and a bridging loan for the grant money if we get it. Can anyone advise who are the best lenders in this space? Microfinance Ireland can offer up to €50k. Some of the non-traditional banks have minimum loan amounts higher than we need. Is it just AIB, BOI, and PTSB?
Any advice at all would be greatly appreciated. I'm writing a business plan at the moment and there are a lot of threads to pull together. Before I convince a bank it's a good idea, I have to convince my wife and myself! Cheers