I am 68 years old and want to buy a motel because i want to keep working, i am very active with no health issues, I have a property worth 350k with 215k owing on it, the business i am looking at is for sale as a going concern and is for sale at 219k is it possible for me to get a loan for this with the equity i have in my house and with me renting this house out. I was a bricklayer/builder all my life, my Daughter and soninlaw live with me and both have Hospitality Exp in cooking and front of house.
Regards
Darryn
Hi Darryn
As we discussed in an email earlier in the day i think you will struggle on this particular property with the limited information to hand.
Crest who is a regular post is an expert on Motel's and maybe be worth shooting a PM and seeking his opinion on the property.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Are you currently working? If so are you PAYG or self employed?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
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Shahin no neither and the Motel is not producing very much.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
ok thank you for you time.
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