B&B advice

[AMJ]

My partner and I are currently thinking about starting our own B&B business,
and I would welcome some advice on raising the finance for this.

These are our thoughts

We would sell our house to release 130k equity for the business.
I would continue in my present job (I am required to give 1 years notice).
In this time I would need to rent another property to stay at whilst I am working

My partner would run the B&B in this time with me helping out at weekends.
The area we would buy the B&B is in great demand so there are no real problems
with filling the rooms, even in winter the demand is high due to walkers, treckers...
Finding a suitable B&B could be a challenge due to the location, but they do come up.

[peterjhale]

Hi and welcome

Put together an honest assessment of your financial requirements NOW !

Running a B&B is hard work and long hours - I would assume you need some staff (and all the other expenses required !)

Good luck though and let us know how you progress

[AMJ]

Thanks Peter for the response, my financial expectations from this are basically to fund a change of lifestyle, as long as we cover our overheads and can have a comfortable living is enough.

I am just in the process of drafting a business plan at the moment, I was interested in views as to how to progress this ie. selling the house but continuing to work whilst renting the accomodation, using my current salary to fund the "unforseens", and more importantly using the equity released through selling as deposit on the new property and mortgaging the rest.

I am very competent in IT and would build my own website, probably develop my own software to mange the B&B (bookings and so on). Ultimately when I finish my current job I would probably use my time develop other software and/or run the B&B with my partner.

[BrokerSteve]

I just arranged finance for a client purchasing a B&B outright. They raised a deposit on their residential property and the remainder was secured on the site. At our firm we are all authorised to carry out regulated mortgage business (residential) as well as commercial so in most circumstances will be able to help. Feel free to PM me if you wish, and good luck with your new business.