Some financing of hotel loans can be received through direct lending sources that provide commercial financing officers that are trained in structuring loans for the resort industry. Understanding the resort business offers keen insight to any business owner’s requirements and will facilitate the approval process to the satisfaction of most business owners. Many lending sources have nationwide experience in providing resort financing. The approval process need not be as difficult as many owners expect, if requirements are met early. The hotel loan pre-approval process is offered online by many lending sources.
A business owner or prospective hotel owner is wise to go through the pre-approval process in order to circumvent any loan problems that may arise at the time of a closing. Application can be pre-approved quickly and relatively simply, by choosing an online lending source. Pre-approval for hotel loans can be within a matter of a few days. There are several requirements in order to receive approval for any hotel loan. As with any residential or commercial agreement, these arrangements require personal financial information and a credit check. Collateral is a significant factor for receiving large, financed amounts and requirements vary among lenders according to loan amount.
Commercial sources require past financial hotel statements, tax records, and all other pertinent financial records associated with expenditures and earnings. Management information is required by many lending sources in order to determine structure and business organization. Hotel loans require a huge investment for lending sources and it is necessary for applicants to provide as much information as possible to minimize the risk factor. There are many hotel loan sources that offer more information on their websites or through personal contact. “For the Lord is a great God, and a great King above all gods.” (Psalm 95:3)