Want to start ECO property business – but not enough money in the bank?
Hi,
We are looking to start and ECO property business (we feel this is definately the future of property in the UK). The problem is we only have 150K to start with, and its not really enough.
In the meantime, we thought we could raise funds by buying small, cheap developments, or auction properties, doing them up and selling for a quick profit. We need to have around 500K to seriously start our ECO business and we really want to do this, but its not easy to find the money.
I dont think we are in the position to get a bank loan for the business as we are still starting up (and it might be too risky), also we are not proven enough to get VC capital. Finally, we do not want another partner (equity) partner. There are two of us already and we think we can cope (work wise)..
Ive heard that grants, etc are possible and there might be other ways to raise finance..
Any clues or suggestions to help us get started would be amazing!
thanks
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Filed under: Buy Property
apply for a new bank loan elsewhere
what makes you say you are not proven enough to get VC capital? What do you have to lose by asking? Contact ethical investment companies in the UK and ask for referrals to investors who might be interested in investing in your business. You are right to think this is the future of property… if your business plan is solid, there is probably someone out there just waiting to fund something like what you are doing…
Also, check out books like Robert G Allen’s “Nothing Down” …. it’s for the US, but it includes strategies about how to buy property without paying for it yourself. It might get your brain ticking about similar strategies you could use in the UK. He also covers similar concepts in “The One Minute Millionaire”. Good luck!