Is it wise to take up HSBC personal loan for F&B venture?

[TvampT]

Originally Posted by ourworld

Personally, if you take a loan to expand your business,
( Which is already operational, profiting, and well managed)
Yup! You definately should!
That’s what business credit facilities is mean for.
However, if you gonna take a loan for a start up.
I don’t encourage that.

Mr Ow

Fully agreed with you on this!

[zendra]

IMO, it (Llao Llao) is a passing fad. I would rather your friends and you sink your money into a 7-11 franchise.

[Nutcase21]

sink into sing pool franchise confirm win hahaha

[abcitbats]

this one works 364 days, correct?

Originally Posted by Nutcase21

sink into sing pool franchise confirm win hahaha

[sennheiser]

Originally Posted by Nutcase21

sink into sing pool franchise confirm win hahaha

tiagong no more licenses being given out liao. All Singapore pools ownself open.

[hhlover]

Is yr questions is take up loan to set up whore house at G land then maybe u will get better ans.. plus good customer base.. haha

[jameschong1]

[QUOTE]base on my real life experience and street smart thinking, my advise to u is NO.
base on wat u say, u have ) experience & also 0 control over the business.
100% sure fail, 100$ sure bankrupt
think the banker will be nice to u when u have no $ to pay?
Banker become Fucker and your 2 partner will melt like yogurt

lllao llao become Lao Sai for u when this happen

[Koei]

Originally Posted by ChiaaMuiChieww

Hi bros out here, recently I was approached by my army friend who asked if I am interested to join him in setting up a F&B franchise LLAO LLAO outlet. He told me there would be 3 of us to share the capital if I'm interested. Total setting up will costs an estimate of $270k, one pax about $90k to fork out. I do not have so much cash with me and I found out that there is this HSBC personal loan out there. I need another $50k do you think I can take a loan from them? Need more advices please.

If this is the first time you are starting a business, don't ever take loan to do so. If suay suay you fail, double whammy. U lose ur capital but still got to repay loan. These personal loans are more for those who want to refinance their current loans at a lower i/r.

[terryhehe]

270k enough for renovation meh?

[MaraGuru]

Originally Posted by ChiaaMuiChieww

Hi bros out here, recently I was approached by my army friend who asked if I am interested to join him in setting up a F&B franchise LLAO LLAO outlet. He told me there would be 3 of us to share the capital if I'm interested. Total setting up will costs an estimate of $270k, one pax about $90k to fork out. I do not have so much cash with me and I found out that there is this HSBC personal loan out there. I need another $50k do you think I can take a loan from them? Need more advices please.

It is not going to get a handsome profit every month.
01) Rental already taken up 40% to 60%
02) Everything must DIY to save cost
03) In F&B, a lot "hidden" problem, complain and inspection will be a kill
04) Day to Day operation

Taking up a loan from bank for biz, depending on long or short term. In F&B, no way for short term loan. Usually 3 to 5 yrs repayment, with reducing balance - simple interest rate is about 6 to 7%.

Hope you reconsider that. Many F&B, not only no return but mountain of debts. You are not a big player in the market, no fund is enough.

[ashtaroth]

F&B business is not so easy. Did ur fren show u the details of his plan?

270K is not alot to setup. The initial few months u may have to sustain losses while u guys work on the reputation/ publicity etc to increase customers.

Not sure how big ur F&B business is going to be but let me share with u; Last time wanted to setup a cafe (not really very big)
Calculate the cost of rental, renovation, furniture, cutlery (and other cooking equipment etc) with 3-4 months sum to sustain the initial losses, it come up to around 500 - 600k. Then after calculating the risk.... decided to put those cash into other business better...

Rem in the first few months when ur making losses due to being a new restaurant, u still need to pay overheads.

[BroTrustMyWords]

Originally Posted by ChiaaMuiChieww

Hi bros out here, recently I was approached by my army friend who asked if I am interested to join him in setting up a F&B franchise LLAO LLAO outlet. He told me there would be 3 of us to share the capital if I'm interested. Total setting up will costs an estimate of $270k, one pax about $90k to fork out. I do not have so much cash with me and I found out that there is this HSBC personal loan out there. I need another $50k do you think I can take a loan from them? Need more advices please.

Are you fucking stupid? Bros here don’t encourage you to do what your friend asked you as this partnership can give you financial disasters for sure!