Ready, Steady, Stop

The bank that we approached for finance eventually got back to us the other day and told us that they wouldn’t be willing to advance us the money. So where does that leave us?

Everything that we are doing at the moment includes a steep learning curve. What we have learnt from dealing with the bank is that (a) we shouldn’t have been dependent on the timescale that the bank promised; (b) we shouldn’t have put all our eggs in one basket.

We were fairly certain that the bank would give us the money. After all we are currently both in well-paid, regular, employment and will continue to work after the pub is opened. Our properties have a lot of equity and neither of us, as far as we know, have any adverse credit history.

I guess business is business and they are entitled to pick and choose whom they lend their money to. The only gripe we have is that the bank informed us that it would only take a couple of days to get back to us, when in reality it was more like two week.

It’s hampered our plans and set us back at least two weeks when we can least afford it. We are pretty sure we will secure funding from another source; it’s just a matter of time. At this stage of the game time is our most precious commodity.

~ by publogger on July 31, 2007.