My husband and I are researching finance options for a hotel in mexico. I have a couple leads. It is a hot tourist destination and averages 95% or + occupancy rate. Of course I will need to see their papers.
The asking price is 28,000,000. The appraised value is 40,000,000.
So of course we need to investigate. Is the plumbing or electrical in need of replacement…Lots of questions. We need to do a drive by. Lol.
We are NOT looking for a hard money lender. We prefer not to bring a partner in but have one who is prepared to.
One company is going to get back with me, they loan 90%ltv. This means 90% of 40,000,000. am I correct?
A big project but one we are up for!