Financing in Canadensis>Question Details

Elisabeth Ma…, Home Buyer in Toms River, NJ

I want to buy a B&B, should I get a mortgage or a small business loan?

Asked by Elisabeth Marut, Toms River, NJ Thu Oct 14, 2010

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Elisabeth, It is faster to get a mortgage loan, SB loans are not as common. I do know of a small B&B in the Poconos very close to highdway 80. If you would like more information please send me an email at lgehl@classicproperties,com. I look forward to hearing from you.
0 votes Thank Flag Link Sun Nov 18, 2012
Hi Elisabeth, usually the mortgage gives you more time and is more straightforward. They are more common than SB loans by far.

You can contact me if you'd like to purchase -- I can help arrange the purchase and work out excellent financing.
0 votes Thank Flag Link Thu Oct 14, 2010
That question is tough to answer without specific information on the venture. I suggest that you go the route that gives you the best overall financial and general outcome after considering interest rates, return on investment, availability of financing, and tax liability exposure.

I suggest that you talk with mortgage lenders and small business lenders about both options. Also I recommend that you consult with a tax adviser. The small business administration is another great resource and I highly recommend that you talk with them as well. Whichever route you decide, a detailed business plan is always recommended and would be required if you go with a small business loan. Perhaps you could even do a combination of the two.

Good luck with your venture!
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0 votes Thank Flag Link Thu Oct 14, 2010
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