Article: No Hotel Loan For You!
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No Hotel Loan For You!
Meeting the requirements to get a decent hotel loan from your local lender can be difficult but not impossible. Let?s face it, what lender wants to put money up for a roach infested dump in downtown Detroit? You?d have to get a separate loan just for the insurance.
Most lenders will only finance hotel properties that are ?flagged?. In other words, most banks, public and private lenders will only provide hotel loans to individuals who are starting a franchise under certain major hotel/motel chains such as Best Western, Hilton, Super 8 and other well-established hospitality brands; Sid?s Sleep Shack need not apply. In addition to being a virtual nation-wide brand, the particular establishment in question needs to show a profitable operating and occupancy history.
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