Financing for wedding venue and retreat center

Financing for wedding venue and retreat center

Member since 2021 · 2 posts · 2 votes

Hi! This is my first post and I'm hoping I'm in the right category. 

I have found a former wedding venue that has been listed for sale at $1.1MM. It is on over 10 acres with a 6BR/7BA main house, multiple guest cottages, outdoor event venue, and more. Before I get too deep in research, I want to know if financing is even possible. 

I can comfortably put 10% down with at least another 10% in reserves for any updates or furnishings. I have no personal debt other than my mortgage and car. My mortgage is almost 1/3 paid off. I have no business debt. My credit is good. I have not owned a venue before but have extensive event planning experience. 

This investment could be a wedding venue and/or a retreat center, has multiple STR opportunities, and could even be a working farm, which is something I am already side hustling in.

Is it possible for me to get a loan? If so, what types of companies would finance a project like this? 

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Accountant · Bryn Mawr, PA · Member since 2023 · 409 posts · 321 votes
2y

@Lisa Jordan

SBA could be an option especially since you want to keep the equity injection low.  

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  • Accountant · Bryn Mawr, PA · Member since 2023 · 409 posts · 321 votes
    2y

    @Lisa Jordan

    Would you be operating the venue too?  I think that could open up some more possibilities if you are actually running a business with the real estate 

  • Member since 2021 · 2 posts · 2 votes
    2y
    Quote from @Jonathan Bock:

    @Lisa Jordan

    Would you be operating the venue too?  I think that could open up some more possibilities if you are actually running a business with the real estate 

    Yes, I would be. I could also potentially live on the property and turn my current home into a STR, but that’s not in the immediate plans. 
  • Investor · Philadelphia, PA · Member since 2016 · 69 posts · 34 votes
    2y

    Research SBA loans.

  • Accountant · Bryn Mawr, PA · Member since 2023 · 409 posts · 321 votes
    2y

    @Lisa Jordan

    SBA could be an option especially since you want to keep the equity injection low.  

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