Buying a bed and breakfast
We are looking to purchase a BnB currently in operation. I have contacted a few SBA lenders with a little luck. We can put 10%, which would be the sell of our current home and our 401k’s. I am looking for ideas on how to get this done. We have a business plan and P&L. We have some of the current owners financial info, but they don’t have 2017 done yet to show. Again, any help or ideas on how to move forward, where to look for financing, would be great. Thanks
Thanks for reaching out. If you plan on using your home equity and 401(k) as part of your financing, one of the options you should consider is a Rollover for Business Startups, or ROBS.
A ROBS allows you to use the money in your 401(k) or IRA to fund a business without an early withdrawal or tax penalties, you can find more information in our Ultimate Guide to ROBS.
Our best ROBS providers article covers the best providers, many of whom will be able to help you apply for an SBA loan in addition to your ROBS.
Of them, Guidant is the only provider that offers a free consultation with outside counsel to help you understand if this is the best option for you.
Best of luck,