Buying a Business

[babytoo]

Has anyone bought a business?

I would love to buy a business but have no idea what you need behind you for the banks to lend the money. I am not working so normally when you are going for a loan you need to be working have past history etc but I have a bubs and haven't been employed since last year....We already have a house which we still owe money on but the value is over double what we owe....anyone know any info on this?

[Mariposa]

hiya we brought our business over 18mths ago. at the time i was working, dh working, but we also in partnership with dh brother and wife. we used our house as collateral if anything was to go wrong, (for the business loan) but have now paid it out. alot depends on what you owe (ie mortgage, any credit cards, or personal loans/debts) and pending on how much your partner earns. best advice is to talk to a broker. good luck