Financing for US motel:

[KhoaN]

Hi,
My friend in Toronto is interested in buying a motel in Florida but not sure where she could get financing. TD commercial banker said no to her but I'm sure there should be another way, maybe some banks in the states...
Anyone has experience or pointers?

Thanks,

 

[Thomas Beyer]

Talk to a US commercial mortgage broker that also specialized in hotels. and Florida. There are MANY.

You need to set up a US corporation, and the US corporation is the mortgage applicant. Forget Canadian banks unless you buy in cash in the US and use an LOC on your house in Canada !

 

[KhoaN]

Once again, thanks Thomas! I will let my let my friend know.
Any particular ones that you know of?

 

[Thomas Beyer]

Shop around. Ask the realtor. Or go online. See here https://www.google.ca/search?q=mortgage+broker+florida+hotels

Many many many choices.

 

[KhoaN]

Thanks!

 

[Pon Sivakumar]

Hi Khoan, can you please ask friend send details about the financing information to [email protected] call or text 416-919-5658