Hotel And Land Deal (first Time Investor)
hi all,
I am a complete noob at real estate but have been doing all my research and have come up with a property that i am interested in.
it is a 25 room mini hotel/restaurant on 40 acres in a new england state.
The owner who is ill has had it closed up for 3 years.
He is asking 475000 for the whole deal.
I am figuring i will need approx 100,000 to get it rehabbed and operating as well as setting up a rv campsite on the land.
he is willing to take a 50 % 2nd mortgage.
Question is this.. and i know it will be a very generic answer.. anyway
would a commercial lender be interested in this sort of deal and if so what sort of rates should i be looking at.
i will be running it myelf initially with a partner and my family as i have been in the hotel industry my whole life.
please help with any info you can.
Thanks
Next year the Preferred Lending Pipeline will be open for business. The best part about it is that we will analyse the investment before your credit starts getting pulled etc.
I don't know if you want to wait until January...
Commercial Lenders look at the property 1st. and you second. If the Property can support the value, then a commercial lender will do the loan.
Well a 50% second certainly helps.
Assuming the numbers work otherwise, yes this is a bankable deal.