May 17, 2023
We've chatted with many wedding venue owners who are interested
in adding onsite accommodations to their venue property as an
additional stream of revenue.
If this is something you've also been considering, today's episode
is for you!
DISCLAIMER: This episode is not legal or financial advice. We're
just sharing our stories and tips! Please consult your own legal
and financial professionals before pursuing any loan.
One of the first questions we often receive is: "I need an
amount of upfront capital, can you give me an example of loan
options you've seen?"
In this episode Lindsay shares:
Three loan types to consider when adding onsite accommodations to
your wedding venue property.
1. Standard Commerical Loan
2. DSCR - Debt service coverage ratio
Quick Tip: Based on the property’s income potential vs the
purchaser’s credentials/credit - if approved lenders don’t require
money down. Perfect for venue acquisition or/on-site
accommodations.
3. Portfolio loan - lender keeps the loan in-house - doesn’t sell to another company. The benefit of small, local banks - may be more flexibility within the terms.
4. BRRR (Buy Rehab Refinance Repeat)