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Updated over 1 year ago on . Most recent reply

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2
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Lisa Jordan
2
Votes |
2
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Financing for wedding venue and retreat center

Lisa Jordan
Posted

Hi! This is my first post and I'm hoping I'm in the right category. 

I have found a former wedding venue that has been listed for sale at $1.1MM. It is on over 10 acres with a 6BR/7BA main house, multiple guest cottages, outdoor event venue, and more. Before I get too deep in research, I want to know if financing is even possible. 

I can comfortably put 10% down with at least another 10% in reserves for any updates or furnishings. I have no personal debt other than my mortgage and car. My mortgage is almost 1/3 paid off. I have no business debt. My credit is good. I have not owned a venue before but have extensive event planning experience. 

This investment could be a wedding venue and/or a retreat center, has multiple STR opportunities, and could even be a working farm, which is something I am already side hustling in.

Is it possible for me to get a loan? If so, what types of companies would finance a project like this? 

Most Popular Reply

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408
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319
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Jonathan Bock
  • Accountant
  • Bryn Mawr, PA
319
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408
Posts
Jonathan Bock
  • Accountant
  • Bryn Mawr, PA
Replied

@Lisa Jordan

SBA could be an option especially since you want to keep the equity injection low.  

business profile image
Edler Zain, LLC

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