Loan To Buy House
Can I get a business loan to buy a house for a part-time bed and breakfast?
I would like to buy a specific house that is for sale. Myself, my husband and my 2 little kids would live in it for half of the year. The other half of the year I would love to run it as a bed and breakfast for skiers, film festival attendees, etc. We would not be living in the house while it was being used as a B & B, but would be right next door– in my parent’s house–which is empty during the winter. Thanks for any advice or info!
Well first off, you can take out a mortgage for that kind of thing. You need to find out from the zoning commissioner if you can use the property for a B&B, and you have to DISCLOSE it to your lender, if not, you’re committing fraud.
Generally, that kind of loan is a commercial mortgage loan.