Ahmed wants to open a small business selling custom bikes, and is looking at ways of raising money. He owns his own house and is considering acquiring a second mortgage. He is also speaking to his bank about a loan and is looking at crowd-funding sites, as he thinks his product is innovative and could attract investors. - Assess a mortgage, a loan and crowd-funding as sources of finance for Ahmed.

Explanation:

Mortgages (Pros & Cons)

Defintion-

These are long-term loans, normally around 25 years, that are secured against specific asset, for example a building

Interest will be payable on the mortgage

Pros-

Large amounts of finance can be raise and repaid over a prolonged period of time

Ownership or control is not lost

Cons-

Interest is charged on the amount borrowed

Interest rates can fluctuate

Often secured against an asset which can be seized if repayments are missed

Interest has to be paid regardless of whether a profit is being made

Not suitable for small amounts or as a short-term source of finance .

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