Buying a hostel on mortgage loan, advice needed
Buy / Sell a Hostel
7 years 6 months ago
Hi,
I am a Hostel Manager. I have 10 years experience in the industry. I am planning to run a hostel soon. There is a Hostel for sale in Toronto. I will require financing for the purchase. I am thinking about getting a commercial mortgage loan and I need your advice on that. It is because I found that I will get about 95% Toan to value for a rental property. https://www.butlermortgage.ca/mortgages/purchase/residential-commercial-mortgages/commercial-mortgages/
I would appreciate your suggestions about buying the property on the commercial mortgage.
Thanks.
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