Bed Breakfast Mortgage

[ciel_mcguire]

I am wondering which Sandbox a B&B purchase would squeeze into?

The asking price is 2.7 Million for 12 Suites with 12 Bathrooms

The returns fit the 10% solution
I have 50% to put down

Any Mortgage Brokers that have had experience presenting such packages to the banks?

 

[RobMacdonald]

That would definitely be in the commercial sandbox, and possibly even into the private lending arena. You will need a solid history of financial statements on the business, and 50% might be the minimum requirement.

If you would like some assistance, send me a PM and I can contact your directly.

 

[jackie]

QUOTE (ciel.mcguire @ Feb 6 2009, 08:12 PM) I am wondering which Sandbox a B&B purchase would squeeze into?

The asking price is 2.7 Million for 12 Suites with 12 Bathrooms

The returns fit the 10% solution
I have 50% to put down

Any Mortgage Brokers that have had experience presenting such packages to the banks?

When we bought our B&B, very few lenders would even consider us, and that was back when credit was much easier to come by. Our best option turned out to be the holder of the vendor`s mortgage. They were already familiar with the property and the ability of the vendor to make payments. You may want to find out if the vendor of your target property has a mortgage and if so, with who.

Best of luck,
Jackie