SBA Loan for Hotel
I would like to know the chances of getting a SBA loan for a hotel. I have a fico of 730. I am a minority (asian indian). I am looking to buy a hotel that is brand new with 40 units, and after doing some proformas, I expect to have to revenues of approximately $300,000 the first year (I used industry averages and local market conditions/averages to compute the figures). I am looking for a loan size of about $700,000 - $900,000. I have about $150,000 to put down. Could you guys please give me some feedback on the chances of getting financed through SBA loans and any other suggestions? Thank You.
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