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“For more than 25 years, my grandmother (Rick Newman’s Mother) owned the New Hope Lodge in New Hope, PA.”
“I spent much of my childhood after school with her at the inn watching her work never imagining that one day I would want to own an inn myself. I know my Grandmother would be so pleased to know I used my portion of the proceeds she left to her grandchildren to purchase an inn, and that her life’s work as an innkeeper made this all possible.”
“When my husband and I first considered owning a B&B, we weren’t entirely sure of the process and timeline. We thought it would take us years. Luckily, my uncle Rick was there to guide us, in fact, he recommended we consider the Cornerstone B&B adjacent to the University of Pennsylvania and Drexel University in Philadelphia. He had assisted the previous owners buy the inn eleven years prior, and when it went on the market in 2018, he told us it was a wonderful performing property, and a smart investment in an interesting and active location.”
“From start to finish, he was with us every step of the way. He brought together a team of talented B&B experts to work with us including industry vendors, a website designer, a videographer/photographer, and even our inn consultant Eliot Dalton of The B&B Team. With his guidance and user-friendly business plan templates, he gave us confidence and helped shape our purchase and financing of the inn.”
“We began the process in mid-February and settled on April 29th, 2019. Thanks to Uncle Rick, it only took about six weeks for everything to come together from start to finish, an extraordinary feat! We are now the proud owners of the Cornerstone B&B in Philadelphia! It was a family effort, and we honestly couldn’t have realized our dream without him. I know my grandmother would be so happy to know that her family worked together as a team to continue her legacy.”
Jill and Eric Pfaff-Moody, Innkeepers & Proprietors
Cornerstone Bed & Breakfast
Philadelphia, PA
“Rick was such a pleasure to work with. He was helpful in guiding us through the ups and downs of financing our inn. He was a huge part in making our dream come true and we cannot express how grateful we are to have connected with him. He is truly an expert in the field but the best part was that we made a lifelong friend in the process. Thank you, Rick, for everything!!!”
Steve and Karen Wilson, Innkeepers & Proprietors
The Lion and the Rose
Asheville, NC
“We spent the better part of 15 years dreaming of owning a Bed & Breakfast. We toured numerous Inns, attended The B&B Team’s Aspiring Innkeeper Seminar, and conversed with many Innkeepers to educate ourselves about the Innkeeping Business. We put in a great deal of effort to develop a knowledge of the business, however, the process seemed arduous and we felt completely overwhelmed with all that needed to be accomplished if we were to finally buy the inn we have dreamed about for so long. We were honestly beginning to wonder if our aspirations of innkeeping were realistic given what seemed to us to be a mountain before us.”
“We remembered hearing about Rick Newman and looked up his website InnFinancing.com. I decided one morning to reach out to take advantage of his experience with the industry. Rick and I hit it off on the phone instantly and I knew right away how genuine and sincere he was about wanting to help us. From start to finish this individual is a class act. He stayed in constant contact with us, introduced us to colleagues in every area of the transaction and helped us secure and close on our wonderful inn in under 45 days, which I believe is a record in Asheville.”
“We would encourage any Aspiring Innkeeper to reach out to Rick early in your journey. His attention to detail is out of this world and he knows this business inside and out. We have heard from other Innkeepers in our area that they went through lender after lender, and that B&B sales can take up to 8 months to close and they still may fall apart for any number of reasons.”
“We had spoken to Rick almost every morning and felt like we were more than just his clients, we had become friends. We were so pleased when he decided to drive down to Asheville from his Pennsylvania home to be with our family on our special day.”
“We are now the proud new owners of North Lodge on Oakland B&B in Asheville, NC. Many thanks to Mr. Rick Newman.”
David & Kevin, Innkeepers & Proprietors
North Lodge on Oakland Bed & Breakfast
Asheville NC
“We started in October and missed 5 closing dates struggling to finance the purchase of Tall Pines Inn. We were told by every lender that we were well qualified, so we didn’t understand why we were having trouble securing a mortgage. We tried for months to work with banks local to the property. It cost us money, time, and it was very confusing and frustrating, and we were really stuck because we wanted to close in time to make changes before the busy season started. We felt had such an amazing opportunity and we did not want to let it pass by.
We were truly exasperated and had all but given up when Peter Scherman suggested we call Rick Newman to help us, and in was the best decision we could have made. Rick really cared, and he coaxed and coached us along the way as we wrote our business plan; he also gave us a big shove when we needed it. We really enjoyed working with Rick, and still find it fun when he calls out of the blue to say “hi!” He is just a “down to earth” kind of person to work with. Yes, Rick can get the job done, he is worth every penny, but the best part, you are working with a friend and not just another vendor. We are thankful we brought him in to work with us.”
Michelle & Keith Frey, Innkeepers
Tall Pines Inn
Eureka Springs, Arkansas
B & B Financing
“My husband Kevin and I will tell you that we could not have bought the Carolina Bed & Breakfast in Asheville, NC without the invaluable knowledge, guidance and dogged persistence that Rick provided to us. Anyone who tells you that financing an Inn is an easy thing absolutely does not know what they are talking about. Rick worked incredibly hard to help us secure the funding we needed and he had all the right connections that made it possible. It was a long and difficult battle to get this deal done and there were several times we thought we would not be able to make it happen. Rick got us through the deal and successfully to the close. You can trust that he knows what he’s doing and he will be an excellent advocate for you with the banks. We are so very grateful for all his efforts on our behalf and incredibly happy in our Inn.”
Diana & Kevin Thornton, Innkeepers
Carolina Bed & Breakfast
Asheville, NC
About Commercial Capital Network
Commercial Financing & Acquisition/Funding Strategies for Bed & Breakfasts, Country & Historic Inns, Resorts & Venues
Commercial Capital Network
InnFinancing.com and Commercial Capital Network are owned by Richard K. Newman, a nationwide inn consultant, specializing in Commercial Financing & Acquisition/Funding Strategies for Bed & Breakfasts, Country & Historic Inns, Resorts & Venues. Rick consults with business owners who wish to restructure debt obligations, but dedicates the majority of his energy helping the next generation of business entrepreneurs and aspiring innkeepers navigate the challenging process to identify and purchase “The Business of Their Dreams.” Rick helps his clients by providing the following services:
- Initial B&B Loan Prequalification, to determine a price range and purchase strategy relative to the financial qualifications and objectives of his client;
- Property evaluations to identify qualified inns before investing time, capital and energy visiting non-qualified properties;
- Introductions to industry specialists and consultants;
- Business plan development for use in loan approval;
- Package documents, proofs, and application in preparation for submission to qualified investors/lenders;
- Establish a strategy to secure a suitable loan solution relative to his client’s financial qualifications and goals;
- Consult with qualified lenders/investors and negotiates rates, terms, and programs; and,
- Assist client and coordinate with lender, title insurer and other professionals during preparation for closing.
All Trademarks and Copyrights are the property of Richard K. Newman, reproduction or use of any material is strictly prohibited.
Prequalify to Buy a Bed & Breakfast or Inn
The Prequalified Buyer™ evaluation and designation provides Aspiring Innkeepers a credible way to quantify how much purchasing power they really have as it relates to identifying hospitality properties that best fit their financial qualifications and professional/personal objectives. …
Financing Frequently Asked Questions
How can I know if I qualify for a loan to purchase an inn? A pre-qualification involves the review of a loan application and supporting documentation and is comprised of data and documentation for the buyer/s and quite often a property that is of particular interest. The buyer/s must have adequate …
Use Retirement Assets for Inn Purchase
Few investors/entrepreneurs realize that they have the ability to self-direct their own retirement assets. Most believe the only two options are to borrow or withdraw from their account/s if they wish to invest in real estate or purchase/start up a new business. The downsides are… …
WHAT CLIENTS SAY . . .
"When it was time for us to refinance our loan, we were very discouraged after working with several local banks and getting nowhere. Even the bank that had held the mortgage on our property for over 50 years and four owners did not want to bother working with us. …
"We had spent many unsuccessful years seeking to refinance our B&B. Thankfully Rick came to rescue after almost giving up. Working with Rick was a complete pleasure. His expertise and professionalism stood out as he guided us throughout the entire process. Rick entered Cedar House on Sound …
“Rick’s knowledge of the B&B and financing industry and his ability to clearly and accurately provide advice and present options were the instrumental factors that allowed us to purchase Pheasant Field Bed and Breakfast in Carlisle, PA. Rick developed a negotiation strategy, which allowed us to …
Congratulations to Birgit and Slobo Rabin on the purchase of the Goldmo0r Inn. 9001 N. Sand Hill Road Galena, IL 61036 Phone: (815) 777-3925 www.Goldmoor.com …
FEATURED ARTICLES
Six Myths About Inn Financing
Tips for Innkeepers – Preparing for a Sale
Conventional wisdom among B&B/Inn consultants is that an innkeeper should have an exit strategy the day they purchase the inn; in fact, some contend it should be part of the initial business plan. Since it is my job to work with a buyer from an aspiring innkeeper to innkeeper, I thought it might be useful to discuss this issue from a lender’s perspective. If you are planning to market your inn for sale in the near future and had written a business plan prior to buying your b&b/inn, get it out and compare your projections to your actual performance. Just ...
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