Financial disclosure?

[toddburme]

Basically if selling as a business the business needs to support the mortgage, so whatever that may be after they make a hefty down payment.
That is what they want, no liability if it is an inn.
We may have to sell as a home if we don't get a buyer here, or you will have to clean up our ashes before long... We lowered our price last night. Although we are willing to negotiate and lower in person, there is a threshold that we are over to bring in lookers for that price range. So we went an ahead and did it. Bit the bullet.
The so-called investment for us is not an investment after all. Any homes bought between 2004 and 2009 are the ones hardest hit, and some having to even bring money to the table at closing. This from our realtor, who we may list with as a private residence, since the financing is not there for commercial properties at the moment. And has he said NO COMPS for 8 bedroom 8 bath in this area. This was yesterday and I told him "I just said that yesterday! Exactly!" Which means, the bank needs to do an appraisal and it WILL NOT COME IN as high as we all feel it should, due to the lack in comps..

Basically if selling as a business the business needs to support the mortgage, so whatever that may be after they make a hefty down payment.
That is what they want, no liability if it is an inn.
We may have to sell as a home if we don't get a buyer here, or you will have to clean up our ashes before long... We lowered our price last night. Although we are willing to negotiate and lower in person, there is a threshold that we are over to bring in lookers for that price range. So we went an ahead and did it. Bit the bullet.
The so-called investment for us is not an investment after all. Any homes bought between 2004 and 2009 are the ones hardest hit, and some having to even bring money to the table at closing. This from our realtor, who we may list with as a private residence, since the financing is not there for commercial properties at the moment. And has he said NO COMPS for 8 bedroom 8 bath in this area. This was yesterday and I told him "I just said that yesterday! Exactly!" Which means, the bank needs to do an appraisal and it WILL NOT COME IN as high as we all feel it should, due to the lack in comps.

Check with a few banks. I have found that money is now available for commercial loans. 6 months ago everyone was saying thanks for calling. Now I have 3 banks that wanted to talk and one commitment letter. The bigger banks have money for under 4%, 5 year fixed, 25 year amortization. I was pretty happy as just 18 months ago, I got 5.25% on the B&B.
That would be a commercial mortgage. I do not think they take into account the business. You have to see that from their side also. They don't get to repossess the business. I know on an irregular apprasial they do add value for more size so I think you do get something for those extra baths.
.

My friend have been offered a 15 year fixed at 4.5% for a new mortgage. Of course $4K in closing costs :-(
.

My friend have been offered a 15 year fixed at 4.5% for a new mortgage. Of course $4K in closing costs :-(

Commercial? I could do 10 years at 4.7% that is why I opted for 5.

 

[EmptyNest]

Basically if selling as a business the business needs to support the mortgage, so whatever that may be after they make a hefty down payment.
That is what they want, no liability if it is an inn.
We may have to sell as a home if we don't get a buyer here, or you will have to clean up our ashes before long... We lowered our price last night. Although we are willing to negotiate and lower in person, there is a threshold that we are over to bring in lookers for that price range. So we went an ahead and did it. Bit the bullet.
The so-called investment for us is not an investment after all. Any homes bought between 2004 and 2009 are the ones hardest hit, and some having to even bring money to the table at closing. This from our realtor, who we may list with as a private residence, since the financing is not there for commercial properties at the moment. And has he said NO COMPS for 8 bedroom 8 bath in this area. This was yesterday and I told him "I just said that yesterday! Exactly!" Which means, the bank needs to do an appraisal and it WILL NOT COME IN as high as we all feel it should, due to the lack in comps..

Basically if selling as a business the business needs to support the mortgage, so whatever that may be after they make a hefty down payment.
That is what they want, no liability if it is an inn.
We may have to sell as a home if we don't get a buyer here, or you will have to clean up our ashes before long... We lowered our price last night. Although we are willing to negotiate and lower in person, there is a threshold that we are over to bring in lookers for that price range. So we went an ahead and did it. Bit the bullet.
The so-called investment for us is not an investment after all. Any homes bought between 2004 and 2009 are the ones hardest hit, and some having to even bring money to the table at closing. This from our realtor, who we may list with as a private residence, since the financing is not there for commercial properties at the moment. And has he said NO COMPS for 8 bedroom 8 bath in this area. This was yesterday and I told him "I just said that yesterday! Exactly!" Which means, the bank needs to do an appraisal and it WILL NOT COME IN as high as we all feel it should, due to the lack in comps.

Check with a few banks. I have found that money is now available for commercial loans. 6 months ago everyone was saying thanks for calling. Now I have 3 banks that wanted to talk and one commitment letter. The bigger banks have money for under 4%, 5 year fixed, 25 year amortization. I was pretty happy as just 18 months ago, I got 5.25% on the B&B.
That would be a commercial mortgage. I do not think they take into account the business. You have to see that from their side also. They don't get to repossess the business. I know on an irregular apprasial they do add value for more size so I think you do get something for those extra baths.
.

My friend have been offered a 15 year fixed at 4.5% for a new mortgage. Of course $4K in closing costs :-(
.

My friend have been offered a 15 year fixed at 4.5% for a new mortgage. Of course $4K in closing costs :-(

Commercial? I could do 10 years at 4.7% that is why I opted for 5.
.

Yes business/commercial. No one else around here will do that for them.

 

[Suzie Q]

Basically if selling as a business the business needs to support the mortgage, so whatever that may be after they make a hefty down payment.
That is what they want, no liability if it is an inn.
We may have to sell as a home if we don't get a buyer here, or you will have to clean up our ashes before long... We lowered our price last night. Although we are willing to negotiate and lower in person, there is a threshold that we are over to bring in lookers for that price range. So we went an ahead and did it. Bit the bullet.
The so-called investment for us is not an investment after all. Any homes bought between 2004 and 2009 are the ones hardest hit, and some having to even bring money to the table at closing. This from our realtor, who we may list with as a private residence, since the financing is not there for commercial properties at the moment. And has he said NO COMPS for 8 bedroom 8 bath in this area. This was yesterday and I told him "I just said that yesterday! Exactly!" Which means, the bank needs to do an appraisal and it WILL NOT COME IN as high as we all feel it should, due to the lack in comps..

Basically if selling as a business the business needs to support the mortgage, so whatever that may be after they make a hefty down payment.
That is what they want, no liability if it is an inn.
We may have to sell as a home if we don't get a buyer here, or you will have to clean up our ashes before long... We lowered our price last night. Although we are willing to negotiate and lower in person, there is a threshold that we are over to bring in lookers for that price range. So we went an ahead and did it. Bit the bullet.
The so-called investment for us is not an investment after all. Any homes bought between 2004 and 2009 are the ones hardest hit, and some having to even bring money to the table at closing. This from our realtor, who we may list with as a private residence, since the financing is not there for commercial properties at the moment. And has he said NO COMPS for 8 bedroom 8 bath in this area. This was yesterday and I told him "I just said that yesterday! Exactly!" Which means, the bank needs to do an appraisal and it WILL NOT COME IN as high as we all feel it should, due to the lack in comps.

Check with a few banks. I have found that money is now available for commercial loans. 6 months ago everyone was saying thanks for calling. Now I have 3 banks that wanted to talk and one commitment letter. The bigger banks have money for under 4%, 5 year fixed, 25 year amortization. I was pretty happy as just 18 months ago, I got 5.25% on the B&B.
That would be a commercial mortgage. I do not think they take into account the business. You have to see that from their side also. They don't get to repossess the business. I know on an irregular apprasial they do add value for more size so I think you do get something for those extra baths.
.

My friend have been offered a 15 year fixed at 4.5% for a new mortgage. Of course $4K in closing costs :-(
.

As a residence, we just re upped at 3% for 15 years.

 

[JBloggs]

Anyone care to share any creative financing solutions?
With the interest rates so low on a home mortgage, we had discussed even selling as a private home right now.
You can buy cheaper than you can build.
If you were selling your inn right now, what and how would you do it? It is not a high occupancy inn. It is a lovely inn, in a lovely location. Thx.

 

[EmptyNest]

Anyone care to share any creative financing solutions?
With the interest rates so low on a home mortgage, we had discussed even selling as a private home right now.
You can buy cheaper than you can build.
If you were selling your inn right now, what and how would you do it? It is not a high occupancy inn. It is a lovely inn, in a lovely location. Thx..

I would always leave the option of selling as a residence open. If you really want out, then take either kind of offer. However, I am not sure your place would be for the 'average' family. Where as ours, with only 4 bedrooms and nothing that says B & B any more would be a more likely candidate. However that said, I guess I can stop looking because yesterday my hubby says, we are never moving. I am not about to have to set up another workshop let alone move all this stuff out of here. They can roll us out. Or we have an estate sale when we head to assisted living

I now agree. I don't see me packing and moving anything out of here.

 

[Samster]

Anyone care to share any creative financing solutions?
With the interest rates so low on a home mortgage, we had discussed even selling as a private home right now.
You can buy cheaper than you can build.
If you were selling your inn right now, what and how would you do it? It is not a high occupancy inn. It is a lovely inn, in a lovely location. Thx..

I would always leave the option of selling as a residence open. If you really want out, then take either kind of offer. However, I am not sure your place would be for the 'average' family. Where as ours, with only 4 bedrooms and nothing that says B & B any more would be a more likely candidate. However that said, I guess I can stop looking because yesterday my hubby says, we are never moving. I am not about to have to set up another workshop let alone move all this stuff out of here. They can roll us out. Or we have an estate sale when we head to assisted living

I now agree. I don't see me packing and moving anything out of here.
.

Our house is the same deal...we renovated it so that it would be an updated house with plenty of baths and closets, not a truly commercial looking proposition. And it is not that huge....only 4 bedrooms and about 3200 sq ft. There are a couple of things that are a giveaway that it was a B&B - brass private signs on a couple of doors and deadbolt locks on all the bedroom doors. hahahahaha......

 

[Tom]

Anyone care to share any creative financing solutions?
With the interest rates so low on a home mortgage, we had discussed even selling as a private home right now.
You can buy cheaper than you can build.
If you were selling your inn right now, what and how would you do it? It is not a high occupancy inn. It is a lovely inn, in a lovely location. Thx..

I would always leave the option of selling as a residence open. If you really want out, then take either kind of offer. However, I am not sure your place would be for the 'average' family. Where as ours, with only 4 bedrooms and nothing that says B & B any more would be a more likely candidate. However that said, I guess I can stop looking because yesterday my hubby says, we are never moving. I am not about to have to set up another workshop let alone move all this stuff out of here. They can roll us out. Or we have an estate sale when we head to assisted living

I now agree. I don't see me packing and moving anything out of here.
.

When people ask about resale, I tell 'em our "house" would be perfect for a rich doctor with several wives and some spoiled teenage children. Six BR, 9 BA, 800 m2

 

[CafeMae]

Anyone care to share any creative financing solutions?
With the interest rates so low on a home mortgage, we had discussed even selling as a private home right now.
You can buy cheaper than you can build.
If you were selling your inn right now, what and how would you do it? It is not a high occupancy inn. It is a lovely inn, in a lovely location. Thx..

Lease to own for a new potential innkeeper? We considered a couple options like that before we built our inn.

 

[gillumhouse]

Anyone care to share any creative financing solutions?
With the interest rates so low on a home mortgage, we had discussed even selling as a private home right now.
You can buy cheaper than you can build.
If you were selling your inn right now, what and how would you do it? It is not a high occupancy inn. It is a lovely inn, in a lovely location. Thx..

Lease to own for a new potential innkeeper? We considered a couple options like that before we built our inn.
.

As someone with "no dog in the fight" I would worry about someone THINKING they could make a go of it and running my great reputation into the ground before going out. Lots of very deep potholes with that route. If it was me? Outright sale is the only way I would go.

 

[Sunshine]

During our search, we asked for a non-disclosure agreement upfront so we could see the basic financials (occupancy for as far back as they could provide, utilities, income by room and special add-ons, property taxes, etc....) so we can see if the income matches the sale price. So far only one place is over-priced. Part of the need for the numbers as soon as possible was to put our business plan together for the loan package (still waiting for the lenders to make up their mind)..

During our search, we asked for a non-disclosure agreement upfront so we could see the basic financials (occupancy for as far back as they could provide, utilities, income by room and special add-ons, property taxes, etc....) so we can see if the income matches the sale price. So far only one place is over-priced. Part of the need for the numbers as soon as possible was to put our business plan together for the loan package (still waiting for the lenders to make up their mind).

Did you ever find a lender willing to loan for a B&B?