Small Motel Colorado - How to best secure funding/loan?
I'm considering buying a small family run motel (10-15 units) in the Western US for $500,000, this would include the land and the business. I have access to $80,000 in a HELOC, but my wife is currently starting her own business, so we may need this money for cash reserves as she gets going. We own a couple rentals where we are generating cash flow, but nothing extraordinary. Owning a motel like this has been our dream since we moved to the West 6 years ago. Anyway, what would be some of the best options for a loan or to secure funding? Commercial-Business loan/Construction loan/Hard Money Lender, etc? What is a typical down payment on a commercial property? Do I need to write a business plan to secure funding for an already operational motel? Any advice/guidance would be appreciated, thank you!