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Updated over 18 years ago on . Most recent reply

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Loan Guidance

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Posted

I've been browsing your forum for a little while trying to educate myself.
I'm looking at the purchase of a beautiful peice of property being run as a Resort / B&B. There is 4 buildings / cabins on the property. We would live in one and rent the remaining three out as income!
I'm looking for advice on financing. The price is approx 900K, I would need to finance 400K.
What would be my best source for financing? What is the best interest rate I could hope for? I spoke to a local bank and they were talking 8.25-8.5 % amortized 20-25 yrs, due in three. Is this about the best I can hope for?
I've got great credit and was hoping with a large down payment I could get a better rate.

I would appreciate any advice,

Thanks,

John

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