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?
