business loan, do i need to put up security?

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paperclip

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Hi, i'm looking to set up a little take away, i've a specific food in mind, and have a consultant on board (she's an experienced chef, worked in michellen star restaurants)

i've still to do up the business plan... have done a rough version and would say i'll need to borrow 30k.

i'll be putting up 15k myself...

i'd rather get a non secure loan, as i own half a house, have bought with a friend of mine... so i'm not sure how that would work.

will i be required to put up security?
 
Probably, in a lot of cases the banks are looking for personal guarantees before lending. Generally secured on some form of solid asset...

You may get without security but given current climate, most will look for some.
 
As previous poster stated you can probably raise the funds by leasing the assets necessary for the business. If you already own the assets you can do a sale and leaseback arrangement with the bank. I dont like this word 'consultant'. Sounds expensive and I worry about people that advertise themselves as such!
 
As above, very True, be careful with the word consultant!!! Generally if its financial advice or business management advice, your accountant may be able to help more (and seeing as they will want you to succeed so they get paid for their work) , as they will have learned a lot from running their own practise if self employed in terms of HR, marketing etc.

If shes just involved in Chefing, Menu etc then it may be a good thing, the main idea is to make sure your getting the people in the door!!

I know i picked up more from first 2 years in business than i got from appointments with Marketing/HR/Etc consultants.....
 
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