Forums: Discussions for entrepreneurs and small business.

I would like to know the chances of getting a SBA loan for a hotel.  I have a fico of 730.  I am a minority (asian indian).  I am looking to buy a hotel that is brand new with 40 units, and after doing some proformas, I expect to have to revenues of approximately $300,000 the first year (I used industry averages and local market conditions/averages to compute the figures).  I am looking for a loan size of about $700,000 - $900,000.  I have about $150,000 to put down.  Could you guys please give me some feedback on the chances of getting financed through SBA loans and any other suggestions?  Thank You.

FICO score is solid.  Critical factors to consider are whether or not you have any prior hotel experience, whether you are bringing in an experienced operations team and whether you are buying a branded franchise or a non-branded property.

If you would like me to speak to my SBA funding sources on a "no names" basis about this deal to provide you with more detailed feedback, please let me know.  There`s no charge for this assistance and no obligation for you to work with me.