Just like hotels and B&Bs, Nigerian guest houses are booming as the world recovers from the pandemic. Smaller than most hotels, but larger than your average B&B, guest houses fill an important niche in the hospitality industry.
With domestic trade almost back to pre-pandemic figures, now is a good time to be a guest house owner. However, to buy, start, and run a successful guest house, owners and entrepreneurs will typically need additional funding. Read on to find out more and to discover what you need to secure the best finance for your guest house business.
Guest house finance comes in many shapes and sizes. This funding can be used to refinance a current guest house loan, renovate your building, acquire or build a new guest house, or cover seasonal quiet spots that create a cashflow squeeze. Guest house finance is tailored to fit the unique financial circumstances of the hospitality industry, and in many cases, the property or acquired assets work as security and there is no need to provide additional collateral. This means guest house owners and companies that have weak credit or have been previously turned down for funding may still be able to obtain the financing their business needs to grow.
Match the right business loan to your guest house needs:
Long-term guest house finance that you use to buy an existing guest house or to build a new one. Borrow up to 90% of the purchase price, with the property providing security for the loan. Repay the loan over 1 – 25 years.
May be used to pay for new construction or re-development of existing guest houses. Pay for extensions, major repairs, car parking space, retrofitting, refurbishment, etc. The property acts as security for the loan.
These are larger loans used to buy vehicles or big-ticket guest house items such as commercial kitchens, or HVAC upgrades. Make money from the asset as you pay for it – over a period of 1 to 5 years. The asset acts as security for the loan.
Loans to start a new guest house franchise business or to expand an existing one. May require added security.
Cover seasonal slow points with fast and affordable cashflow loans:
Guest house financing is a niche area, with differing rules of application. Guest house owners seeking this type of funding may find themselves forever searching and making applications to lender after lender. The delays this can create could cause you to lose business and leave your guest house vulnerable to the competition. Instead, working with a broker, who can access guest house loans and mortgages from a wide range of lenders is a better way to go. No more cold calls and endless demands for information. Simply tell us what you need and leave the rest to us.
Check in with Swoop to find the best rates, the best terms and the best guest house loans and mortgages all under one roof.
Swoop was amazing! I was looking for refinancing and they were straight onto finding me the best possible option. I would highly recommend them.
Owner, F45 Cambridge
Written by
Chris is a freelance copywriter and content creator. He has been active in the marketing, advertising, and publishing industries for more than twenty-five years. Writing for Barclays Bank, Metro Bank, Wells Fargo, ABN Amro, Quidco, Legal and General, Inshur Zego, AIG, Met Life, State Farm, Direct Line, insurers and pension funds, his words have appeared online and in print to inform, entertain and explain the complex world of consumer and business finance and insurance.
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