I want to buy a Mad Mex franchise business

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MobyDeep
Posts: 2
Joined: Tue Aug 02, 2016 9:15 am

I want to buy a Mad Mex franchise business

Postby MobyDeep » Tue Aug 02, 2016 11:15 am

I want to buy a Mad Mex franchise business but I don't have the cash to buy it completely. I do have around 40% though and can maybe get another 10% or so if need be. What type of mortgage is available if I want to buy a Mad Mex franchise? Will it be a commercial property mortgage or a business mortgage?

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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: I want to buy a Mad Mex franchise business

Postby Otto Dargan » Tue Aug 02, 2016 1:44 pm

Hi MobyDeep,

There are actually franchise loans available and you can go for a Mad Mex franchise loan. There are a select few lenders that can help you with finance but you need to think of applying for a franchise loan like going for a job interview. You have to put your best forward and tell the lender why you’re the right person for this finance. The stronger the case you can present, the greater your chance of getting approved.

You may be able to borrow 50% up to 70% of the total costs to buy the business or even up to 100% if you can provide an existing residential property as security. The loan term is typically 10 years or the length of the franchise agreement but it boosts up to a standard 25 to 30 year term if you have a residential property as security.

You’ll need to provide a business plan and profit forecasting along with your application. There are no low doc options though.

We may be able to negotiate business loan rates depending on the strength of your deposit and security. Also note that some banks and lenders have an approved list of franchises but this list is changing all of the time!

Please go through our website if you want to learn more. Alternatively, you can discuss things directly with an expert franchise mortgage broker of ours by calling 1300 889 743 or completing our free online assessment form.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

MobyDeep
Posts: 2
Joined: Tue Aug 02, 2016 9:15 am

Re: I want to buy a Mad Mex franchise business

Postby MobyDeep » Tue Aug 02, 2016 8:56 pm

I didn't know that franchise loans were available because I had never actively considered it. I do like the offer. Even if I get to borrow 50% would be enough for me because I have the rest I need. Thank you for the post.


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