Financing Aquisition and Construction

[Bill Regan]

Hi,

Looking at a small motel/inn in Vermont as a lifestyle business for my family. The existing property has 10 cabins on it and a foundation where there used to be an owner's residence and some motel rooms and common area.  It burned down in 2018.

There is loads of potential here in many aspects.

I am looking for advice on a lender who would finance the acquisition, cosmetic rehab of the existing cabins, and the construction of a new structure on the old foundation.  Total project cost under 500k.

Thanks in advance for any advice!

[Greg Dickerson]

Originally posted by @Bill Regan:

Thanks Tom for the reply.  Property is in East Dorset, near Manchester Center.  Been in touch with Heritage Family Credit Union in Rutland a bit.

Open to any suggestions you have for lenders in Vermont.

I've just never done a commercial property before so looking at options for a bridge type loan.

 It all depends on the property, business plan, your financials and your level of experience. You need to put together a complete package including the a nice pouch deck with business plan and personal financial package before you can get the banks attention. Once you get that together you will need to shop several banks as they will all have different appetites, rates and terms. This will also work for private lenders or investors.