Can I get a business loan to buy a house for a part-time bed and breakfast?
September 22009
I would like to buy a specific house that is for sale. Myself, my husband and my 2 little kids would live in it for half of the year. The other half of the year I would love to run it as a bed and breakfast for skiers, film festival attendees, etc. We would not be living in the house while it was being used as a B & B, but would be right next door– in my parent’s house–which is empty during the winter. Thanks for any advice or info!
Well first off, you can take out a mortgage for that kind of thing. You need to find out from the zoning commissioner if you can use the property for a B&B, and you have to DISCLOSE it to your lender, if not, you’re committing fraud.
Generally, that kind of loan is a commercial mortgage loan.
September 2nd, 2009 at 4:24 pm
good idea u must have bad credit and tryin to work around it lol
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September 2nd, 2009 at 4:51 pm
Get a mortgage, take out a second mortgage (home equity) on your existing propery to purchase the second property. You’ll have a difficult time trying to get a business loan for a bed and breakfast that is not operational!
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September 2nd, 2009 at 5:20 pm
Well first off, you can take out a mortgage for that kind of thing. You need to find out from the zoning commissioner if you can use the property for a B&B, and you have to DISCLOSE it to your lender, if not, you’re committing fraud.
Generally, that kind of loan is a commercial mortgage loan.
References :
Licensed Mortgage Broker NC/SC