The last decade has seen much economic and financial upheaval around the world, but the tourism industry is a hardy business and consistently prevails. There are many factors that could impact negatively on travel and holidays, but the future of tourism remains bright as industry experts predict its continued growth and success. London and New York are currently experiencing record levels of demand, with a large proportion of tourists opting for stays in bed and breakfasts.
B&Bs remain in high demand due to the personalised service they offer to clients. Short holidays in the UK have always been popular and with the numbers of holidaymakers travelling abroad decreasing, the B&B sector has benefited substantially.
With consumer demand so high and the hospitality industry performing so well, now may be the perfect time to realise your dream of running a bed and breakfast. Financial organisations are often willing to lend against B&B businesses as they possess strong residential value. When seeking finance, however, it is important to give lenders a solid reason to approve your application. By devising a comprehensive proposal outlining your entire business plan, you will give yourself the best chance of securing the finance you need.
If you can present evidence of past trading or relevant experience in the sector, it can benefit your application considerably. You can also increase the appeal with a deposit of 30% or more and of course a good personal credit history. Additionally, you need to present a strong income projection and show that you have carefully thought about your marketing and management strategies.
As independent market brokers, we specialise in assisting our clients with the pursuit of hospitality finance. We aim to help you secure the right commercial loans by searching the entire market for the mortgages that are sure to work for you and meet all of your individual requirements.