Applicants for Hotel or Motel Loans usually apply for the loan to get into the business for the first time or sometimes they are already in the business but they want to expand their business to other new locations or new territory.
FUNDING THROUGH SBA LENDERS:
An applicant can get Hotel or Motel Loans from SBA lenders or through some private lending companies. Usually, these loans through SBA lenders Repayment is for 2 years to 25 years.
FUNDING THROUGH PRIVATE LENDERS:
This type of loan through private lenders Repayment is from 2 years to 10 years. The documents required are An Application, 2 years Financial Statements of the Franchise Business, 6 months bank statements of the Individual or Business and a very good Credit Ratings of the applicant to be eligible to apply for the Business Loan.
LOANS INFO:
- Lending Rates: Rates start at 7%.
- Loan Term: length of loan ranging from 2 years to 10 years.
- Payment Type: Affordable monthly payments.
- Origination Fee: The fee is 1% to 3%.
- Credit Score: Credit ratings ranging from good to exceptional.