Recently I have been asked about Financing for accommodation properties so I have taken the time to put a few key points together.You basically need to create a favourable self portrait for yourself.
Here are the things to do when preparing for the sale of your property.
· When purchasing accommodation property, you have to have a good insight into what banks are looking for when financing a project.
· Cash flow is the most important criteria
· Experience of the borrower, not only in this field, but your full working background and that is why it is important to have a professionally completed, up to date resume.
· Build a relationship with a lawyer, accountant, banker or broker
· Don’t forget... When pricing your property, it is always best to get an independent evaluator, like a realtor or, better yet, a bank approved appraiser. When you price your own property, is always filled with personal emotion and not good judgement. Let the professional do it!
· To help the bottom line, an owner must be prepared to reach out and sell his property to corporations, government, sports leagues and the community.
· It’s the time to be on the offensive and let the public know what you have to offer.
· The amenities that the public and organizations want, i.e. wireless (very important in this day and age), complementary products that you provide, i.e. breakfast in house, laundry and overnight dry cleaning services, parking for oversize vehicles, ie.: The team bus, large equipment moving to the work site and motor homes for the client that may want a different experience.
· I have been told this can add to the bottom line by as much as 10 – 15% and all this takes is a little planning and getting the information out to the different organizations and public.
Not intended to solicit properties already listed
Premier Hotels and Motels - The Connections to close the deal
#6-3185 Via Centrale, Kelowna,
British Columbia V1V 2A7
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