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
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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.