Motel Financing Options

[Natalie Gelbke-Mattis]

Looking for funding options for a lakefront motel - which includes 8 rooms, 3 cottages, and potential for 3 more rentable cottages.   The Motel has been open and running for almost 50 years with a husband/wife team running it.  They are older and looking to sell.     The motel grossly underperforms and does not have operating statements/occupancy reports, etc.  All verified income would come from their tax returns which he stated he took in a lot of cash. . . .

We can increase annual revenue immediately to 139K annually, with fully stabilized at 196K.  These numbers only include in season rentals (5/1 - 9/30) and does not include off season rentals.  Property is in a rural area, but is lakefront with some amenities within a few miles of the motel.

I've never researched how to obtain financing for Hospitality asset class.  I also looked at SBA loans, but don't know enough about them to see if we would qualify.  Right off the bat, there is no verified evidence this business takes in 100k annually.  

Looking for options and contacts to guide us in this journey.

Thanks