Posted by Larry on November 11, 2002 at 18:24:41:
I’ve executed a conditional purchase offer on a ~25 room B&B hotel. Price is largely assumption of Note at 10% and cash of ~$100K. The investment package I prepared for a prospective 50% partner (for $350K) shows cash-on-cash IRR of 20% before renovation tax credits as it’s a historic bldg.
Any suggestions on how to best approach banks on refinancing the debt or private investors?