Yossarian your quick to judge on a situation you know very little about….

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If your parents in law are borrowing money, then they are the borrowers, not you.

Yeah I already know that, what your point? I've bought an off the shelf company and changed the name.

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MGo back and reread all the posts. Especially yours – you were asking to borrow $250,000 based on a security of $150,000. It is a business purpose, but you don't want to tell the bank that because they won't lend. What else can you do?Who is borrowing the money? you or your partner's parents?

That was the original plan but it was not…[Read more]

Appreciate your concerns Dan. Audit is almost impossible and a waste of money. The books have been "cooked", artifically deflated revenue. That's the nature of the hospitality industry. The only way to find out is to trial the business. There is a trial period for 2 weeks with the owner claiming trial revenue very close to the advertise rev…[Read more]

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Who is getting the loan? If it is your partner's parents, then they may be borrowing for investment purposes – they are lending the money to you, not buying a business.

Oh I see, would that work? hmmm, wouldn't the bank ask what type of investment? eg shares, property? If they say lending the money to me to buy a business,  then…[Read more]

I've spoken to Westpac, they need to know the purpose of the loan… I am affraid to state that the loan is for a business as I will then need to apply for a business type loan, which I assume is harder to obtain because the business I am buying is "trading at a loss". I orginally wanted $250k but would be happy with $100k.. Is there any other op…

OK now that this is not possible. I have another option to consider. My partner's parents are willing to put the PROPERTY INVESTMENT LOAN under their name. They have a single income of $31,200. House worth $380,000 still owing $40,000With the Property investment loan, do you need to have poof that your actually buying an investment property? Or do…[Read more]

Damm, is there any other way to get it?