Purchasing a shop, fish and greasy, I have enough money to purchase and working capital, now the landlord is asking for a 3 month bank garantee, he wants basicly 3 months rent in his hand in the form of a bank cheque, he states he will not cash the cheque but thats what he wants, I am trying to sell some assetts to raise the money but this is going slow, I have raised the limit on my CC but need $5280 in the form of a bank cheque, any ideas, this is holding up the sale, the shop holds its own, it is profitable.
I can possibly do it but it will leave me without working capital, I have already mortgaged my house to help cover purchase price on the advice of my solicitor, the mortgagor will not go any further, we have about 10 days.
Again, HELP..
A bank guarantee basically requires you to place money in a term deposit, you then fill out forms which basically prevents you from withdrawing the money without their consent. You don’t have to give it to the landlord. As the amount is relatively small, why not speak to your bank about lending the money unsecured, as the interest charge won’t be that great.
Regards
Alistair
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