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I am looking to buy a current hotel, but I do not have the money, the sell price is $1,300,00.00. Does anyone

The hotel in NC I am looking to buy is for sell for 1,300,000.00. However, I know there are a few upgrades that need to be done, so I need to borrow more than the asking price. Anyone have any suggestions as to what type of loan I would need to apply for? Thanks in advance.

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The best SBA lender I know of for business acquistions (bizac) is Tom Meyer at Bridgeview Bank.
His number is (224) 543-4047

May 16, 2013
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Thanks Don. I appreciate the information. I will check out the site.

May 14, 2013
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The BAF Group LLC
MD

An SBA-504 is the best to use. The SBA does not LEND money, but it works with banks that make such loans and guarantees the loans for the protection of the bank. Banks notoriously take NO risk, so getting a loan without SBA involvement is practically impossible.

Even with SBA involvement, many banks do not do Motel loans, so you may have to shop your deal to a number of them, until you find one that is willing. You may want to check out our blog, which has a number of posts, including this one on obtaining loans for business acquisiitons: http://combrokerbusiness.wordpress.com/2012/02/17/financing-small-business-acquisitionsstartups/

If you have questions or if you need more direction, call me: Don Barrick at 410-715-0700

May 14, 2013

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