First Time House Buyer?
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Looking to Invest in a Hotel?
Hotels typically offer sustainable income streams, attractive returns and frequent opportunities to add value to the investment, which are all aspects that lenders and investors will look at and appreciate. However, despite the success of the sector, the hotel industry is season and can be unpredictable which means some of the more traditional lenders are hesitant to lend to hotel investors.
So How Do I Get a Mortgage for a Hotel or B&B?
If you want to buy your first hotel, there are still lenders out there that will look at your application, but you must have at least specific hotel-related experience – even if you’re planning on putting managers into the property to run it for you. You will benefit from having a registered management qualification like an NVQ Level 4 and if you don’t have this, then you may need to consider recruiting an existing hotel manager to join your team and put them on the mortgage application.
What Types of Hotel Purchase are There?
What Sort of Rates Will I be Looking at?
How Do I Apply?
You will need documentation like the accounts for the hotel that you’re looking to finance and an overview of your background experience. There are quite a few other bits that you’ll need like any CQC reports, which can be daunting if it’s your first one, so it will benefit you to speak to someone who can walk you through the process.
Whether you are planning to purchase a hotel or expand upon one that you already own, contact one of our hotel finance experts below to get your application rolling or if you have any further questions.