Innkeeper’s… 2010 Refinancing Update!
By Rick Newman, Managing Partner, Commercial Capital Network
Property Owners wishing to reorganize debt to make capital improvements or refinance a loan that is ballooning or adjusting would be well advised to begin the application process in the early part of 2010.
Rates are low but may not be for much longer… Interest rates seem to have hit bottom, but how long they will stay at this level is anyone’s guess. Many experts express concern over the future of our economy and the impact market conditions will have on long-term interest rates.
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By Hugh A. Daniels, BS, MBA
While you are busy looking at properties, considering what decor you might want, what should the name be, should we incorporate, dreaming of that opening day, don’t forget the less glamorous, but equally important plan of how you will handle your accounting, plus who will provide your bookkeeping services. Accounting is the principals or practice of systematically recording, presenting and interpreting financial accounts, while Bookkeeping is the work of keeping a systematic record of business transactions. Now if you purchase an existing inn, this may be moot. However, their existing accounting program may not be the best and may need some sprucing up when you take over, so read on.
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Note: This material is being provided for general information purposes. This overview is intended to alert the reader to the importance of managing his/her credit. General guidelines, material and other information is being provided as a courtesy. No representations or warranties are made as to the accuracy or processes covered herein. The Credit Tier Examples listed below are for information purposes only, as lender guidelines vary.
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All Bed & Breakfast/Inns are unique by design; in fact it is that unique quality that separates one B & B from the next. Innkeepers invest their energy and capital over time to create a welcoming and hospitable environment that is unique to their community and valued guests. Each financing is unique as well, so your individual circumstances i.e. credit financials and investment objectives need to be analyzed and considered relative to what financing programs best fit your investment objectives and your particular property.
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