Are you considering buying or remortgaging a hotel?
Are you considering buying or remortgaging a hotel?
We handle over £300 millions of real estate enquiries every month, from
castles in France, to private islands to mansions in the UK. Give us a call today
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Making the impossible possible is how we have created many solutions for private clients. Financing a luxury real estate can be complicated but we can make this process as simple as possible.
Are you considering buying or remortgaging a hotel? Securing finance for such a substantial investment requires a tailored approach. At Million Plus Private Finance, we specialise in providing bespoke mortgage solutions designed to meet your specific needs.
To purchase a hotel, you’ll require a commercial mortgage. Fortunately, there are numerous lenders willing to finance hotel acquisitions, accommodating various circumstances.
Commercial mortgage deposit requirements are typically higher than those for residential home loans due to increased risk. Expect to provide at least a 25% deposit, with a maximum Loan to Value (LTV) of 60% being common for hotel mortgages.
If you’re unable to provide a 25% deposit then it may be possible to secure you a mortgage with a higher LTV or even a 100% hotel mortgage, should you have other assets which can secure the loan.
Commercial hotel mortgages are evaluated on a case-by-case basis, focusing on business plans and financial projections rather than personal finances, unlike residential mortgages.
Interest rates vary depending on your circumstances and the lender. Rates typically range from 2% to 6% above the Bank of England base rate.
Larger loan amounts can provide more options and potentially lower rates, as smaller hotel mortgages often attract higher interest rates due to fewer lenders considering them viable.
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Interest-only commercial mortgages offer lower initial monthly payments, beneficial for cash flow during initial hotel operations or renovations.
Turning your hotel ownership dream into reality or expanding your existing portfolio involves several key steps:
Successful applications hinge on a robust business case and factors such as:
If you’re ready to explore how Million Plus Private Finance can assist you in securing the ideal mortgage for your hotel purchase or remortgage, contact us today. We look forward to discussing your goals and helping you achieve them.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
Changes in the exchange rate may increase the sterling equivalent of your debt. The Financial Conduct Authority does not regulate finance, foreign currency mortgages, bridging finance, secured loans, and some aspects of commercial mortgages. You may have to pay an early repayment charge to your existing lender if you re-mortgage.
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