Commercial Capital Network, LLC/InnFinancing.com (CCN), owned by Richard K. Newman, recently provided loan acquisition and property transition services for The Oval Door, a Eugene, OR, based inn owned by Nathaniel and Brian Foster. CCN’s depth of resources specifically in the areas of financing bed & breakfast and inn acquisitions for aspiring innkeepers proved a key asset in the smooth transition in ownership of The Oval Door to the Fosters.
“The inn acquisition process was one of the most overwhelming experiences Brian and I have gone through. As prepared as we thought we were for the process, in hindsight, we had no idea what we were getting ourselves into. The deal was much more commercial than we anticipated as far as transactions are concerned. We initially applied for financing through three other banking institutions: a major national bank, a medium-sized national bank and a local credit union. All three denied us a loan even though we had excellent credit, decent capital on hand, and substantial equity in our home. It seemed as though when we brought up financing a Bed & Breakfast in particular, the banks were very leery,” expresses Nathaniel Foster.
Foster continues, “After we got the third denial call, Brian started doing some searching on the web which is when we found Rick’s website. After reading through Rick’s site, we called him. From the get-go, Rick was the fastest to respond to all of our inquiries and questions. He immediately began crunching numbers, asking questions and genuinely seemed interested and invested in what we were saying. For weeks we just felt like people weren’t listening to us. With Rick, that all changed. We felt he really wanted to help. He walked us through the process and made it easy to understand. As we say all the time, if it wasn’t for Rick, we would not have our Inn. And on a bigger level, we wouldn’t have our dream. Rick literally helped our dream come true. We are forever grateful.”
“Loan acquisitions are a process which need to be delicately managed within the bed & breakfast and inn financing field,” Rick Newman explains. “Many of these properties are historic or legacy businesses which makes obtaining the necessary documents for loans inherently difficult. At CCN, our extensive industry resources, banking contacts, and thorough knowledge of bed & breakfast and inn operations insures property acquisition runs smoothly and that both buyer and seller emerge from the transaction happy and as friends.”
As a result, inn and bed & breakfast acquisitions managed by CCN can be confident they will begin operations on a solid financial footing with the ground work firmly in place for future success. This is certainly the case with The Oval Door which has bustled with activity since opening its doors. The summer season proved particularly brisk as visitors to The Oval Door enjoyed the many amenities and upgrades offered at the Inn including the newly painted exterior, beautiful interior design, en-suite bathrooms, and walking distance location to the famed shopping, restaurant, and entertainment culture of Eugene, OR. Additionally, the Fosters take great pride in offering a superior level of customer service and attention to detail which afford each of their guests with a luxurious and relaxing retreat at The Oval Door.
CCN offers national resources and expertise to a wide range of clients interested in owning a bed & breakfast or country inn. CCN’s services assist both innkeepers and aspiring innkeepers alike with evaluating and verifying inn financials, aligning their assets for inn acquisition, and creating resourceful strategies for long-term business success.
Visit Innfinancing.com or Call Rick Newman Today!