Hotel Mortgage?...

I've seen recently a hotel in one of the really nice seaside towns in the South West. It's for sale at a pretty good price and I think I can make a go of it. I'm really keen to get going so I'm wondering how long it's likely to take to sort the finance out so I can go ahead with the purchase?

Re : Hotel Mortgage?

Are you buying it as an individual or through some other legal entity such as a company?

The answer very depends on that, together with what funds you already have and other assets or potential backing.

If you're going to be relying on bank funding then it could prove pretty tricky to pursue it if you've no capital behind you at all I would imagine.

Re : Hotel Mortgage?

Business mortgages are usually between 2.5% and 5% above the base rate.
If you took out a £200,000 mortgage you would expect to pay about £1,500 per month back to the bank over 25 years.
Shop around for a mortgage - approach at least 2-3 banks.
To get a business mortgage you need at least 10% of the price of the business and the amount of money that you clear after all your monthly bills and outgoings are paid must be double the monthly amount paid back to the bank.
make sure you have a good business plan.

Re : Hotel Mortgage?

Hello My Name is Miss Jeanet 24 years old, i got your details at www.aboutmybusiness.co.uk and i will like to know you more and be your good friend, get back to me here at my private email i.d (jeant.bate@hotmail.com)so that i will tell you all about myself and exchange pictures with you, and i have something to tell you about me hope to hear from you soon your new friend Jeanet