Loan for first time buyer.

I am a first time buyer and want to motel/hotel; I have 10 years’ experience. How can I get a loan of over 1 Mill? I have worked as a manager for Days Inn, Comfort Inn, Quality Inn and other independent hotel. Can I use my experience as any advantage here?
In Buying Property - Asked by Nirav P. - Aug 13, 2009
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Answer(s)

Gregory G.
Broker/Agent
San Francisco, CA

Most definitely... You can get an SBA loan, especially with that much experience.

Aug 13, 2009
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Paul S.
Broker/Agent
Glendora, CA

A SBA loan will allow you to buy with 10% down. Contact a lender that does SBA loans. Currently they are a bit more agressive because the Gov. is pushing SBA loans. Be careful which one you take on. One of the SBA programs makes you pledge everything you have. Try and do one that only ties up the property in question.

Aug 20, 2009
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