Hotel Loans
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In Florida, hotels are very common to appear considered how many tourists visit any of the cities and towns in the state. As a result, hotel loans are quite requested by companies, businesses, or just individuals wanting to bet on a new business. But is it that simple to access the loans? And for what do you use them in particular? To purchase the hotel or maybe build one?
Well, the use of the loan is determined by you since hotel loans can finance more than just buying commercial real estate. Some existing ones decide to request credits to cover their usual expenses, pay bills, maintain cash flow, perform renovations, and handle other projects that are not related to acquiring the property from zero. Therefore, you have to think about what you will do first based on your situation: you either own a hotel by now or you are planning to do so.
Based on this, you will either find more or fewer options when it comes to lending companies and institutions that can provide the loans. Banks and financing groups tend to limit the use of the funds to only financing the acquisition of the hotel, its construction, or handling with a few renovations. This means that other expenses previously mentioned or not included among these few ones will be impossible to fund with them.
On the other hand, private lending companies offer the same hotel loans, but under much better terms and conditions, you do not have to limit yourself, and the requirements to meet are fewer. A great example to understand the differences between regular lenders and private ones is to look at what we offer at Commercial Real Estate Loan Pros of Tallahassee. Our company has been working with hotels and individuals that need help to finance any project and acquisition as long as it is related to the hotel itself.
Therefore, when relying on us for hotel loans, you can expect us to finance:
- The purchase of the property or business.
- Help with renovations and remodeling.
- Provide funds to keep the hotel running, maintain cash flow, and cover other regular expenses.
- Handle regular payments and bills, like paying employees and basic services.
- Expand the hotel and its structure.
How to apply for a loan with us
The best part about private lending companies lies in the terms and conditions they offer, but another part to mention is the fewer requirements you have to meet in order to request a loan. In our case, we work with only the essentials when you decide to apply for hotel loans: credit score, collateral, financial records, annual revenue, and basic information about how you will use the money and the hotel in specific.
Once you have all this, feel free to send us an email with the application form and we will make sure to review it within the next 24 hours. For any questions and doubts, you are welcome to contact our team at Commercial Real Estate Loan Pros of Tallahassee before and after your request is sent.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.