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Hello,

I already own two bed and breakfasts, which I have been managing for several years. When I initially purchased these properties, the mortgage was based solely on the real estate, with the business value being incidental.

I am currently in the process of acquiring a $2 million, 5 bedroom bed and breakfast located in a downtown area in PA. Annual revenue is 300k. We could add two rooms. This property is a historic home and is fully operational. It appears that a significant portion of the business's value lies in its name, website, marketing, furnishings and other intangible assets. We are buying the building itself, furnishings etc not transferring their Llc.

I have not previously applied for a loan that encompasses both the business and the real estate. The seller has requested that we differentiate between the property value and the business value in the agreement of sale. I understand that the current real estate is under-assessed and that the taxes will increase if we declare a higher property value, but this might be necessary.

Can anyone give input on how to accurately determine the business value versus the property value. Additionally, I would appreciate any advice on obtaining a loan that covers both the property and the business. While I am aware that an SBA loan is an option, I am considering alternatives as we have not yet filed our 2023 taxes and may not do so before applying for this loan. Our goal is to secure the best possible loan-to-value (LTV) ratio, ideally around 80%. Is there DSCR for Bed and Breakfasts?

Thank you in advance for your assistance and recommendations.

Best regards,

[Your Name]