old mansion bed breakfast
William J Acres (William_Acres)
#0 ranked lender in Arizona - 8,728 contributions
Mortgages and businesses are 2 different things.. if you wish to purchase an old mansion and turn it into a B&B, then that's a business loan.. SBA will be your best alternative.. you can finance the purchase as well as the improvement costs.... if your wanting to purchase an existing B&B, then you will need quite a bit of your own cash, since SBA has hard restrictions on financing "Blue Sky" or "Goodwill"... The best source for commercial financing is www.scotsmanguide.com I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
Bert Carpenter (BertCarpenter)
#0 ranked lender in Arizona - 2,431 contributions
If you have lived in the home at least 12 months, then FHA really won't do or say anything if you convert the property into an investment property. If you intend to convert it to a B&B, you will not be able to refinance under a FHA streamline. Email me at Bert@LoansA2z.com the following information and I'll help you determine if refinancing makes sense BEFORE you convert it. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950
I actually meant to type these words into the search box in order to find the answers to the question someone else had on the subject. My question is, if you own a single occupancy home and have an FHA mortgage, can you at any point convert that into an income producing property (such as a bed and breakfast) or do you need to refinance into a conventional or business loan before doing so?
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#0 ranked lender in Florida - 2,245 contributions
Need more info.
Jeremy Redlinger (JeremyR)
#0 ranked lender in Minnesota - 191 contributions
Sounds like a get away for me.
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