Finance hassle

[Charlieh]

Ed,

 

i think it was in relation to Marks 1st post see below

 

What next? Bank? Lottery? Loan shark? Different finance company?

 

Thanks.

 

I have used family in the past, but always pay them back ASAP, that way they dont have a hold over you for to long, there are some of my family i would be more worried about borrowing money off of that a loan shark

[Andy Collins]

These comments seem to be in response to my post.

1. Steve -the names you know will not lend in this economic climate. The man has already been turned down and needs another solution.

 

2. I am slightly offended at the insinuation that I might recomend a loan shark or somebody dodgy.

 

I wholeheartedly agree with the idea of borrowing off family, even if you have to pay them interest. However, if he has no other sources, a friend of mine owns this company -

ALG Finance Ltd- Asset Finance

They are a bona fide finance company who have their own book and broker for 3 of the biggest lenders in the UK.

 

I think that puts it in a better perspective, I dont think Arran woodfuels was getting at anyone in particular, just urging caution in general

[Mr Ed]

I think I'm suffering from PMT. I'm getting all touchy and sensitive.

[Buzz]

:confused1:The "asset finance" I have always done has always been secured against the equipment I'm buying.

 

You basically sell the asset you have to the finance company then lease or HP it back thus raising the money for the chipper purchase. However you are putting your other assets at risk so it's no recommended for large purchases. A chipper though with the money raised against a truck etc should be fine.

 

Create a balance sheet to show what your business is worth to show the companies you are dealing with.

[Buzz]

Ed your first post did come across a little dodgy LOL !

[A_lopa]

Buy a cheaper chipper IMO

[Buzz]

Great idea Jason !

[A_lopa]

Better to start with as little debt as possible,debt=vulnerability.

 

How's your business going Buzz?

[Arran Woodfuels]

Better to start with as little debt as possible,debt=vulnerability.

 

Whilst I agree that one can be vulnerable with too much debt, I would add that borrowing can be extremely effective if it is managed properly. (have you ever seen Dragons' Den?)

 

I know many in business who struggle away with low borrowings, getting absolutely nowhere, whereas others borrow to buy good kit and, with proper management, increase their turnover with a direct effect on profitability.

[Buzz]

Better to start with as little debt as possible,debt=vulnerability.

 

How's your business going Buzz?

 

Fine thanks mate, just got two big accreditations and priced over 500,00 worth of work in the last 4 weeks. What about you ?