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is it possible to buy a 2,900,0000 motel for 10% down?

i was looking at a motel and i was wondering if banks are doing 10% still? i know they do 15% with sba but is it possible int his economy for 10%?

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Answers (2)
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AIMS ATM
TX

I HAVE A MOTEL FOR SALE IN TEXAS WITH OWNER FINANCING AVAILABLE

Jun 23, 2009
Michelle Orr
Wells Fargo SBA Lending
Business Development Officer
Fairfield County, CT

A hotel is considered a special purpose property, and therefore 90% financing isn't attainable, even with a SBA loan. The maximum amount allowed for this property type is 85% using a SBA 504 loan. That being said, if you can not inject more than 10%, you have the option of negotiating a 5% seller note to be held in 3rd position behind the first mortgage lender and the 504 debenture made by a CDC (second mortgage). If you would like to discuss further please contact me.

Jun 10, 2009