Did you know that some lenders will offer seasonal mortgages, where you make 4-6 large payments through the busy season and no payments in the slow season? We have several banks here in Maine that have hospitality properties in their portfolio and will offer seasonal mortgages. These lenders understand the nuances of tourism in Maine and work with business owners to work around them.
This gives you time to settle in, decide what changes you want to make, implement those changes and begin to market your changes in time for the start of the season. Sound ideal?
AND, closing on a property in the slow season makes you a very attractive buyer in a seller’s eyes!
Contact me if you would like to find out more about this option.