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Sun Jun 28, 2015 12:20 pm
Forum: Commercial Loan Forum
Topic: Buying an established accommodation business
Replies: 1
Views: 36285

Buying an established accommodation business

I am interested in purchasing an established accommodation business (4 holiday cottages on the property, as well as an owner's residence - 3 bedroom home). The business is a proven income earner and has won various tourism awards. The cottages are forward booked until 2016.
What sort of loan would I apply for, as the property would obviously be used for commercial and private purposes? I have a $150,000 deposit and the property is being sold for 1.5 million.
Would I need a guarantor or anything else to apply for this size loan?
I am new to all of this, so any comments would be appreciated.