Tuesday, April 19, 2016

Equestrian mortgages/business loans?


I ll start with I m not looking for criticism on this topic!
I m 18 years old (done GCSEs/a levels) and I ve been around horses my whole life. In a few years time, there will be an opportunity to buy the stables I ve been at for my entire life. It s not a large yard, quite run down and such but I love it.
Despite studying financial studies at a level (and getting an A), you don t learn much about equestrian mortgages (who would ve known). This yard is valued around £400/£500,000. I m not sure about business loans (they don t tend to go up that high I don t think), and I don t know where to start with equestrian mortgages or even if any banks would choose to finance an equestrian property.
It s an established yard that s been running for decades, proven to "survive". The income is roughly £1,260. So it s not that much (like I said, small yard) and I d understand that loan repayments plus mortgage will need more than that. I do plan on working after the current work experience I m doing, so will have additional funds to help finance the repayments. I will have to start from scratch with my deposit as I obviously do not have a home to sell too.
Basically, I m uneducated and need some helpful information about financing equestrian properties. If anybody has any experience or knowledge with this sector, it could just be useful for me to read! Tia

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