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Hotel and Motel Financing Basics
Most companies require good credit and a business plan before they will lend for a new property. Renovation loans may be a bit easier to obtain, since you already have a proven record of accomplishment with your business. You will still need to advise whether this is a loan to add to your hotel or if you will use the loan to buy equipment or furniture. Look at the following when choosing hotel and motel financing basics:
1. Find commercial hotel loan sources for your new property.
2. Search for companies that provide hotel refinancing.
3. Choose hotel and motel financing for your updating project.
Locate hotel mortgage lenders to finance your new hotel or motel
Lenders will require excellent credit and a business plan since the typical motel loans will be in the millions of dollars field. After you prepare your plan, seek your loan from qualified lenders.Utilize hotel financing companies who specialize in hotel expansion loans
Hotel properties may seem adequate at the time of purchase but often once business is booming an expansion loan is in order. Find the finance companies who specialize in these loans to make your project happen.Small Business Administration (SBA) may be able to help you with a financial assistance program. They can also recommend financial companies suitable for the type of loan you need. Consider taking their free online course to see how SBA can help your business. PKF Hospitality Research provides reports with considerable detail on the sales of hotels properties. Find out which property sold for how much before you begin your project.
Secure a renovation loan from hotel lenders for the updates your property needs
New beds, bathroom fixtures, desks, chairs and TV sets are just some of the many items a hotel room offers to its customers. They wear out over time and require extensive capital to replace. Find the financial companies that support these types of loans.Hotel&Motel Management provides an article explaining ways to get needed financing when your first loan prohibits secondary financing. Read this article and others in this online newsletter for hotel and motel owner/operators. All Options provides a list of financial companies within your zip code that may have a program for the loan you need. Start by typing in your zip code.
- Compare rates when shopping for a commercial hotel loan. A small difference in rate can add up to tens of thousands of dollars saved over the life of the loan.
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Tips & Advice for Hotel and Motel Financing
Are you looking for financing in regard to the acquisition, refinancing or construction of a hotel or motel property? Many businesses find an effective solution with hotel and motel financing.
Hotel and motel financing is available from specialized providers who offer nationwide service. Such providers can furnish you with financing under good rates and terms for hotel, motel and resort properties. Many providers of financing for hotels and motels are mortgage-banking firms that specialize in the hospitality industry. Working with such firms can help you secure funding that can be used to acquire a hotel, motel or resort property. Financing is also available that can be used towards fixing up properties you already own.
Whether you want to renovate your current property or to purchase land that would be ideal for building a new hotel, there are good financing options available for you. Hotel and motel financiers work with you to decide upon an appropriate loan structure. Rates may be fixed or adjustable, depending on the terms agreed upon.
Business.com is a trusted resource that helps millions of companies connect with service providers like hotel and motel financiers. To find out more visit the links to reliable providers listed on the left.
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