No Hotel Loan for You!

Written by Cameron Brown

Meetingrepparttar requirements to get a decent hotel loan from your local lender can be difficult but not impossible. Let's face it, what lender wants to put money up for a roach infested dump in downtown Detroit? You'd have to get a separate loan just forrepparttar 135370 insurance.

Most lenders will only finance hotel properties that are "flagged". In other words, most banks, public and private lenders will only provide hotel loans to individuals who are starting a franchise under certain major hotel/motel chains such as Best Western, Hilton, Super 8 and other well-established hospitality brands; Sid's Sleep Shack need not apply. In addition to being a virtual nation-wide brand,repparttar 135371 particular establishment in question needs to show a profitable operating and occupancy history.

Even if you want to build a new hotel/motel fromrepparttar 135372 ground up, forget about starting your own brand; most lenders will only provide hotel loans to buildrepparttar 135373 same "flagged" hospitality companies as they will forrepparttar 135374 purchase of an existing property. Besides having a well-known flag, getting a hotel loan for a new property is possible provided it is well located and can be provided with strong management.

Lenders reserverepparttar 135375 best hotel loan rates and terms for properties that are well cared for, attractive, and have pleasing amenities like pools, wireless internet, cable, and complimentary continental breakfast buffets.

Hotel loan terms will, of coarse, vary from lender to lender, but most banks and other investment capital institutions provide 5, 10, or 20 year loan terms for amounts up to $2,000,000. These loans can carry an interest rate ranging from 7% to 8% and typically carry a recourse clause, although some lenders are more flexible than others in this regard.

Just a brief note on recourse loans; this type of loan hold your personal assets liable inrepparttar 135376 event you default onrepparttar 135377 hotel loan-seriously bad news if your franchise doesn't turn out to be as successful as you originally thought. This isrepparttar 135378 lender's way of protecting its assets by separating those who are serious aboutrepparttar 135379 hotel business from those that just want to try something new. If you're not familiar withrepparttar 135380 details of this loan, you should either educate yourself thoroughly first or look around for a non-recourse loan. The terms of a non-recourse loan simply holdrepparttar 135381 hotel, or whatever else you spentrepparttar 135382 loan funds on, liable inrepparttar 135383 event you default.

Acting as Your own General Contractor when Building your Dream Home

Written by Robert Kempe

This article is intended forrepparttar DIY (Do It Yourself) home builder; however, it is very useful information forrepparttar 135284 new home buyer to understand what processes you can monitor even if you are not acting asrepparttar 135285 general contractor and hiring a general contractor. Forrepparttar 135286 inexperienced DIY home builder, acting as a general contractor is one ofrepparttar 135287 most stressful things anyone can undertake. After that statement, you ask yourself ďWhy would anyone really want to berepparttar 135288 general contractor for their new home?Ē Wellrepparttar 135289 number one reason is to save money, and in our society itís all aboutrepparttar 135290 money isnít it? It doesnít necessarily mean that you are buildingrepparttar 135291 home (but with this approach sweat equity has a whole new meaning), you are only managingrepparttar 135292 sub-contractors. Successful general contactors are either born good, or have been trained to be good. You, as your own general contractor, do not haverepparttar 135293 time to be as good as a contractor who makes their living building homes. For this reason, I will give you some guidelines to help you out and feel a bit more comfortable managing your new dream home as your own general contractor:

Define Your Project; I have published an article on very effective ways to decide on a dream home floor plan. I recommend that you read that along with this article. The article is called Home Floor Plan Designing for Your Future Home by Robert Kempe. Once you have decided onrepparttar 135294 floor plan and allrepparttar 135295 associated up front planning projects, such as findingrepparttar 135296 right plot of land, gathering information on building codes and permits, having signed construction drawings, etc. you have to apply forrepparttar 135297 building permits. Withrepparttar 135298 homework of gathering all this information priorrepparttar 135299 application process and having your construction drawings drawn to comply with city, county and state codes this process is just a paper work issue. If you have not properly done this entire process prior torepparttar 135300 application, this will slow your time frame down considerably. Most DYI builders wait forrepparttar 135301 building permit application to find out what is needed. Make it easier on yourself and do it first.

Execution ofrepparttar 135302 Project; Now that you have a clearly defined project you can get accurate quotes fromrepparttar 135303 contractors. The construction disciplines you will need are as follows: Electricians, Plumbers, HVAC (Heating Ventilation Air Conditioning), Framers, Concrete, Drywall, Finishers, Painters, Roofers, Siding, Landscaping, Windows and Doors, Garage door. Etc. Keep in mind that most contractors will have multiple disciplines and will try to combine them as much as possible either with their own work force or they may hire out subcontractors as well. This is how you executerepparttar 135304 project. Do your homework onrepparttar 135305 contractors that you will want to work with on your home. Ask people who you know that have recently built homes who they have used as contractors. Actually any resource on contractor evaluation is helpful. Have them evaluaterepparttar 135306 experience. With this process you can then get three to five contractor references from trusted resources without involving any salesmen. Have a set of construction plans ready for each ofrepparttar 135307 contractors that you are going to have bid fromrepparttar 135308 list you have generated. Make sure that allrepparttar 135309 disciplines will be bid upon.

Deciding who to hire as your subcontractors; You do not always have to takerepparttar 135310 lowest bid! You wantrepparttar 135311 contractor that isrepparttar 135312 most qualified and most prepared to build your home. It is highly suggested that each ofrepparttar 135313 contractors break downrepparttar 135314 categories and itemize how they arrived at their price. This is best done by communicating this up front before receiving their price. Once you have all this information, evaluaterepparttar 135315 prices according to their breakdown. Raterepparttar 135316 contractor on their responses on a scale of 1-10 with 10 beingrepparttar 135317 highest rank. Ifrepparttar 135318 bids are close then itís a matter of what contractor you favorrepparttar 135319 most. If there is a large gap inrepparttar 135320 prices, you need to determine why. This is where your breakdown ofrepparttar 135321 work performed andrepparttar 135322 associated prices can help you determine this. This is also where you find out which contractors arerepparttar 135323 most serious and most qualified and which contractors are easier to work with. This might lead you to conclude thatrepparttar 135324 best contractor isnít alwaysrepparttar 135325 lowest price. You get what you pay for!

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