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how to convince a lender to lend you money to buy a business without a security?

the thing is i want to buy this business im currently managing for over 2 years now but i dont have the money.i must admit that it’s hard to convince a lender to loan me money to buy the business with b-cause i don’t have a deposit nor a security but i know i can repay whoever is willing to take the risk to invest their money in my business and completely trust me. To brief anyone with the business, it is a cafe and bar located at one of the busiest places downtown auckland, nz, unconfirm reports; it makes $3,000.00 min/day, it makes one of the best coffees,breakfast and meals in town and people are flocking to the place everyday fighting for tables.The business is growing everyday.It has been in business for 9 years now but i must say ever since i manage the place it is growing and keep growing.The cost is nz$750,000 and i believe it’s market value is more than a million.anyone interested?

I am a banker, and without security, you will not get a loan.

Just a bit more information, the highest risk is the restaurant industry, because it is a very fickle business, high turnover and lots of possibilty of pilferage (theft) from employees.

The equipment has a very low resale value, less than 60 cents on the dollar to re-sell. Which is why lots of liquidators have old restaurant equipment & supplies for sale.

At the minimum, you will need to guarantee your loan, which means your net worth (assets) must exceed your borrowing.

In the restaurant industry, your labour costs (to pay employees is the highest expense). You need to look at their whole business report, including their balance sheet to see the net income of the company. (what is left over, after all expenses have been paid).

Good luck to you.

Parallels Summit 2012 – Overcoming Small Business Security Concerns – Dan Nadir

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