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Updated almost 2 years ago on . Most recent reply

Dan Cho's profile image
Dan Cho's profile image
Dan Cho
  • from Latham, Ny
  • Member since May 7, 2016
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Dan Cho's profile image
Dan Cho's profile image
Dan Cho
  • from Latham, Ny
  • Member since May 7, 2016
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Dan Cho
  • Latham, Ny
9
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Loan For Hotel?

Dan Cho
  • Latham, Ny
Posted

Has anyone ever gotten a loan for a hotel? I'm interested in obtaining a hotel for $2.2 mil and the seller is offering finance for $500k down. I currently have $200k down and was wondering how I could go about obtaining financing for the rest of the $300k?

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Soumya Brijesh's profile image
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Soumya Brijesh
  • Investor
  • from South Padre Island
  • Member since Feb 19, 2016
  • Posts 83
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Soumya Brijesh's profile image
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Soumya Brijesh
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  • from South Padre Island
  • Member since Feb 19, 2016
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  • Votes 17
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Soumya Brijesh
  • Investor
  • South Padre Island
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Soumya Brijesh
  • Investor
  • South Padre Island
Replied

Dan Cho

I am in the same boat as you. I have been actively looking for hotel deals and talking to various brokers and lenders.

One lender informed me that SBA loan is the route to go as they can finance at 90% LTV.

The other strategy you could use is to get partner into the deal for the rest of the down payment.

Where is this property ? And does it have a flag associated with it? Having a flag makes it easier

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