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Commercial Loans

  • 23-08-2012 5:12pm
    #1
    daithicarr
    Registered Users, Registered Users 2 Posts: 425 ✭✭


    Hi,

    Can anyone tell me if there are commercial loans on offer by anyone in Ireland that have a repayment duration of over 5 years ?

    everything seems to be a max of five years, a longer period even by a few years would make the monthly repayments easier.

    Thanks


Comments

  • #2
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    If you can get 5 year money at a reasonable rate in Ireland today, grab it! Just get more than you need and use the excess to fund the repayments. Do you actually have a loan offer?


  • #3
    daithicarr
    Registered Users, Registered Users 2 Posts: 425 ✭✭daithicarr


    No I don't currently have a loan offer, but if the repayments are too high that i cant repay out of my current wages, is it no unlikely that they will give me a bigger loan ?


  • #4
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    If you can't pay off a commercial loan over 5 years with revenues from salay and the business, then you should not even consider taking on the borrowing. Sorry to be so blunt but that is the reality of today.

    Peter


  • #5
    daithicarr
    Registered Users, Registered Users 2 Posts: 425 ✭✭daithicarr


    Sorry I wasn't very clear, since this is a business start up I presumed , maybe wrongly, that any loans would be based on m current ability to repay and not on any projected sales. Since I have yet to sell anything they are just (low) estimates . if I took them in to account we should easily manage to repay the loans. however on my current wages working for another company the repayments would equate 40% of my disposable income. I would have imagined it too much.

    nothing wrong with being blunt , better some hard truths than walking in to a disaster.


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