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Prequalify to Buy a Bed & Breakfast or Inn

The Prequalified Buyer™ evaluation and designation provide 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. A Prequalified …

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Frequently Asked Questions

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… Borrowing from …

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What Clients Say

“Picture this, Karen and I are at a national innkeeping seminar and trade show within days of closing on the Inn of our dreams when we get the word the bank has dropped our financing. The worst part was having to tell my wife the news. Enter Rick Newman and Commercial Capital Network. Within 24 hours he had connected us with an amazing group of people that literally picked up the ball and scored. We closed within 45 days start to finish. Personal and attentive to every detail, this was an amazing experience and we would not have been able to complete this journey without Rick and his team. Thank you from the bottom of our hearts!! “

David & Karen Browning, Innkeepers
Eden Vale Inn
Placerville California

“We initially found Rick’s website back in 2010 when we first entertained the thought of buying a bed and breakfast. I saved his site as a favorite and went about business as usual since the timing wasn’t right for us to buy. Keith and I would periodically peruse bed and breakfast for sale sites and dream about “someday.” Perusing different inns for sale became our Sunday morning over coffee time. It started to get more serious at the end of 2016. Keith found a B&B we really liked and we suddenly found ourselves planning a visit to a place we weren’t even sure we could afford. A hasty call was made to Rick who asked a lot of questions and then assured us we could afford the inn we were looking at and even look at higher-priced options. The first place we looked at wasn’t the right one for us, but when we found The Aerie Bed and Breakfast in New Bern, NC, we knew it was just perfect and were confident Rick would help us close on the inn of our dreams. We were so right! Rick helped us navigate all the requirements for our financing and put us in touch with the right people so that we could use some of our 401k funds for the downpayment. We are still in awe that we own such a beautiful B&B. Thanks Rick!”

Keith & Dina Tholen
The Aerie Inn
New Bern, 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 would not have been successful in achieving our goal of B&B ownership without Rick’s help and guidance. His thoughtful and smart approach consistently kept us a step ahead without overwhelming us, even when significant obstacles appeared. He was persistent and creative partner who focused on real solutions – and that made all the difference. We highly recommend Rick to anyone who is buying an inn!”

Chad King and Josh Larson
The Yellow House Bed & Breakfast on Plott Creek Rd.
Waynesville, NC

“We are the proud owners of the 1900 Inn on Montford as of 10 weeks ago, we know this would not have been possible without Rick and his team patiently guiding us through our great journey.  We learned from Rick how to utilize a retirement rollover to increase our working capital and how it all fit together to determine what we qualified for and what price range we could afford.”

“Rick’s in-depth knowledge of the inn business and his connections with the professionals in the hospitality community helped us identify the people and steps we needed to manage.  Rick helped us manage the continuous follow up with the whole team, we always felt like we were in capable hands.  Their understanding and maturity would turn out to be an invaluable asset as we hit a bump or two in the process.  We definitely developed a strong bond with Rick and would highly recommend Rick him to anyone looking for financing to make their innkeeper dreams come true.”

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Shawnie & Willy Gruber
1900 Inn On Montford
Asheville, NC

 

To Inn Owners and Aspiring Innkeepers:

“As Inn Owners and Innkeepers for 15 years, we’d like to take a valuable moment of your time to share a recent happy experience.

Ray and I set out to build a special hospitality property in Hot Springs in 2001. We spent years designing and building a luxury bed & breakfast inn along the shores of Lake Hamilton. Lookout Point Lakeside Inn is a Select Registry award-winning property with a strong national reputation. We worked hard to build this wonderful business, and took great pride in developing a strong team of passionate employees to care for our valued guests. We loved our life as innkeepers, and we were very proud of what we accomplished together. Our business plan included a 15-year outlook, and upon approaching those 15 years we knew it was time to move on to the next challenge. We truly loved Lookout Point, our guests and our staff, and we were clearly aware that selling the inn and saying farewell would be a joyful yet bittersweet experience.

We decided to list our inn for sale with the B&B Team, knowing and expecting special properties like Lookout Point could take time to sell. After 2 ½ years on the market we were notified that a couple from the Boston area was interested in coming to visit our inn. Not only were they interested, they were already pre-qualified for a loan that would work with our special property. We were informed they were already working with Richard Newman of Commercial Capital Network, so financing would not be a problem; that’s the best news possible for someone selling a unique property! The couple (Sam and Nancy) loved our property, we liked them and could truly see them as the next innkeepers of our lovely inn. They made an offer in days, and within a short week we mutually settled on a price. They wanted to close within 90 days—virtually unheard of in our industry. Rick worked his magic and quickly secured a financing package with a bank that was excited to be a part of this new venture. If there is a delay in a deal going through, it’s typically due to financing, but not this time!

With the financing secured, we closed on the inn less than 3 months from the very first time Sam and Nancy set foot on the property! Our heads are still spinning. Sam and Nancy were originally expecting to purchase something a lot less expensive. After working with Rick, they learned that they did not have to settle for a smaller inn and really could purchase a business that met their dreams: a ground-up custom-built inn with a successful history, a strong revenue stream, and great staff in place.

From the seller’s perspective, we discovered a joy in working with Rick. Not only is he extremely knowledgeable about the industry, he is ethical and kindly. We can highly recommend Rick as a capable industry professional that gets things done!

While we were together for our closing with Sam and Nancy, Rick suggested we were too young to retire, and that our years of innkeeping might be put to good use to benefit the next generation of innkeepers. He felt that our experience in building a successful inn from the ground up, Ray’s background in corporate finance, accounting, and operations coupled with my marketing, human resources, food, and weddings experience makes finding smart solutions that work in each unique setting possible. We were flattered, of course, and thought about Rick’s idea for several months after closing. Ray and I decided we would indeed find it rewarding to share our expertise with other innkeepers.

So, to quote Rick’s tableside comment to us, “We are retired, but not tired” and look forward to remaining active in the industry on many levels”. 

Ray and Kristie Rosset
Former Hospitality Owners
Lookout Point Lakeside Inn
Hot Springs, AR
Cornerstone B&B, Philadelphia, PA

“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
Devonfield B&B, Lee, MA

Bed & Breakfast Financing

“After an exhaustive search of inns in multiple states, we finally decided that the first inn we loved was, in fact, the inn of our dreams.  We needed to get moving to be able to close in time for the busy season, so we were pressed to find a lender that understood B&B financing and was actively lending in our local market.  To make matters even more challenging, we also needed to simultaneously finance our new home located on a separate lot next door to the inn.”

“Having been a commercial loan officer for 20 years, I knew how challenging the hospitality sector can be. We could not afford to waste precious time & money submitting over and over again to lender after lender, and we did not want to risk losing our dream property or miss out on the peak summer business in the Berkshires.”

“After careful consideration, I swallowed my professional pride and decided to hire Rick Newman knowing full well I could save money if I tried to represent myself in front of lenders.  As it turned out, it was the best decision I ever could have made; Rick pre-qualified us instilling instant credibility with the sellers and realtors.  He provided extensive assistance creating our business plan.  Once we were in underwriting he knew when to be hands-on and when to let the underwriters and closers do their thing; most importantly, he got it right the first time!  Rick made sure we were comfortable along the way and that the process was orderly and professional.  We closed on time and Rick got us all the way through to the finish line without incident.”

“I don’t often write testimonials, but I will say if you truly want to finance the inn of your dreams on a timeline that fits your needs, then call Rick.  We listened to Rick’s advice, he’s great at what he does and if anyone can deliver…  Rick can!”

Doug Bagnasco
Devonfield Bed & Breakfast
Lee, Massachusetts

“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

“Rick is a master at helping people finance Inns and B&Bs. What not too many people say is that Rick takes each sale personally and you make a friend for life.  Rick helped me finance Oak Hill On Love Lane in Waynesville, NC last year, but the relationship did not stop after the closing.  Rick, treats each sale personally and goes out of his way to ensure that you become a successful inn owner.  Rick checks in to make sure that things are going well at the B&B/Inn.  As soon as Rick hears about industry changes that may affect his clients, he updates everyone never assuming that you know about it.  If he thinks that you are doing something that may affect your business negatively, he reaches out to you. This can be an email, a phone call, etc.  He is also smart enough to know when he doesn’t have the answer, and points you to the right person who will help.”

Anna Kitzis, Innkeeper
Oak Hill on Love Lane


Bed & Breakfast and Country Inn News/Client Blogs

Willy & Shawnie Gruber, Innkeepers
The Inn on Montford, Asheville NC

  • Celebrating 3 Years of Joy at the Inn on MontfordCelebrating 3 Years of Joy at the Inn on Montford
    This month is particularly special to us here at the Inn on Montford for two reasons. Not only is it the Inn’s 25th anniversary, but it’s our 3rd anniversary as innkeepers! We can’t believe how fast the time has gone by.  What a wild ride the past few years have been, and we’re grateful to... Read more » The post Celebrating 3 Years of Joy at the Inn on Montford first appeared on 1900 Inn on Montford. Read more »
https://www.youtube.com/watch?v=G790hLfKmAo

Doug Bagnasco & Jim DeBlasi, Innkeepers
Devonfield Inn, The Berkshires in Lee, MA

  • 10 Ways to Experience the Best of the Berkshires in February10 Ways to Experience the Best of the Berkshires in February
    February in the Berkshires offers plenty of things for you to do to fill your days! For example, do you want excitement and physical activity? Maybe you’re looking for cultural and historical enrichment. Or perhaps it’s some downtime you are seeking; a time to relax and unwind. Did you know that a winter escape to… The post 10 Ways to Experience the Best of the Berkshires in February appeared first on Devonfield Inn. Read more »

Chad King & Josh Larson, Innkeepers
The Yellow House Bed & Breakfast, Waynesville, NC

  • Our Top Winter Getaway IdeasOur Top Winter Getaway Ideas
    Winter is a wonderful time to visit Western North Carolina for a getaway! Outdoor enthusiasts (and those who don’t mind a little cold) will enjoy activities like skiing, tubing, and winter hiking. Foodies can warm up with hot coffee and cocoa, and visit the bakeries, restaurants, and breweries scattered throughout the area. Best of all,… The post Our Top Winter Getaway Ideas appeared first on The Yellow House. Read more »
Read Article About The Yellow House B&B from Smoke Signals

WHAT CLIENTS SAY . . .

"Rick was an incredible asset during a very long acquisition process of what is now The Wagner at Duck creek. Quite literally, we would not have endured the process or conclude with such a successful outcome if it were not for his wise counsel, …

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"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. …

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"Dear Rick, Dallas and I thank you so very much for your patience and professionalism in working with us on the refinance of our 1887 Victorian B&B.  For the past two years we have tried, with no luck, to re-finance …

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More Client Reviews

Featured Articles



Upcoming Innkeeper & Aspiring Innkeeper Training Events

Association of Lodging Professionals 2021 Virtual Conference & Marketplace

February 20, 2021-February 23, 2021
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View E-Program Aspiring Innkeepers/Lodging Professionals interested in attending the Aspiring Conference (Saturday & Sunday, February 20th-21st) AND the Innkeeper-Lodging Professional Conference (Monday & Tuesday, February 22nd-23rd) must register for both separately. Aspiring Conference - MEMBERS ONLY – $299.00 This category is for Read More Aspiring and Lodging Owners only. Allied Partners, Interim Innkeepers, and non-member businesses with products/services for sale must register as a Virtual Exhibitor. Aspiring Conference - NON-MEMBERS – $399.00 This category is for Aspiring and Lodging Owners only. Allied Partners, Interim Innkeepers, and non-member businesses with products/services for sale must register as a Virtual Exhibitor. Full Lodging Conference - MEMBERS ONLY – $149.00 This category is for Aspiring and Lodging Owners only. Allied Partners, Interim Innkeepers, and non-member businesses with products/services for sale must register as a Virtual Exhibitor. Full Lodging Conference - NON-MEMBERS – $249.00 This category is for Aspiring and Lodging Owners only. Allied Partners, Interim Innkeepers, and non-member businesses with products/services for sale must register as a Virtual Exhibitor.        

Cost: Varies
Location: Online
Contact: Erik Spence, ALP Conference & Trade Show Coordinator (conference@alplodging.org)
573-470-3492
Online Registration or Ticket Purchase


Future Innkeeper Hands-On Workshop - SOLD OUT

April 22, 2021-April 25, 2021
(3:00 PM-1:00 PM)

Leader: Linda Hayes Mills River, NC – limited to 4 people Once you’ve taken a beginning innkeeper workshop and want to explore innkeeping in a practical way, or if you have made the decision to become an innkeeper, the real fun begins to understand how a bed and breakfast or inn actually operates to keep guests returning again and again. If this Read More is the case, you may wish to sign up for an in-depth workshop. From planning breakfast to cleaning rooms, our in-depth workshops will let you experience the steps involved to provide a guest experience that will define your lodging property. During 2020, we were forced to continue with the workshop virtually, creating the Five in Five Virtual Workshop Series as an option. Option 1: Five in Five Virtual Workshop offers a steady pace of online learning over a period of five weeks. Weekly 2-hour sessions are scheduled to tackle each area of focus, with assignments to be completed between each session. All sessions are considered one on one learning experiences with the content customized to meet your vision. Fees: $1500 A confirmation and invoice with payment instructions will be sent directly to you upon registration. Credits cards may be used for fees with a 3% fee added. Option 2: The Hands-on Workshop is a boot camp that occurs over 4 days, limited to a maximum of 2 teams, and occurs at Bed & Breakfast on Tiffany Hill where you will stay and work throughout the entire workshop. Your workshop includes personalized instruction, a workbook, (2) lunches, and (2) dinners included in the workshop fees plus private consultation within one year after the workshop. The bed and breakfast provides breakfast each morning and daytime beverages and snacks. Dinner on Friday evening is not included so suggestions will be made and typically all attendees go to dinner together at an area restaurant Attendees should check-in at 2 pm as the workshop will begin at 3:00 PM. Please plan to depart after 1:00 PM on the final day. Pre-Requisite: You must have attended a one day or beginning workshops or an approved substitute. Workshop Location: Bed & Breakfast on Tiffany Hill, Mills River, NC. (10 minutes from Asheville International Airport). Lodging is not included in the workshop fee and it is required that you stay at the property to gain the full workshop experience. A 25% discount is offered for additional room nights booked beyond the required three nights and must be requested at the time of booking. Once you receive my confirmation of your seminar registration, please call the inn directly to book one of the rooms we have on hold. Fees: $925.00 for one person and $575.00 for a second related person or person from the same property. A confirmation and invoice with payment instructions will be sent directly to you upon verification of the pre-requisite. Credits cards may be used for fees with a 3% fee added. Cancellation Policy: If you must cancel your registration, please contact me immediately. Workshops are limited in the number of attendees so you must cancel 60 days prior to receive a full refund. Any cancellation received within 60 days prior to the workshop will be refunded only if the space is rebooked. A $100 cancellation fee will be deducted from the refund. Lodging cancellations will be governed by the inn’s cancellation policy.

Cost: $1500 couple, $975 Single
Location: Bed & Breakfast on Tiffany Hill, Mills River, NC
Contact: Linda Hayes
540-599-6400
Online Registration or Ticket Purchase


ONE DAY INTENSIVE INNKEEPING WORKSHOP™

April 24, 2021-April 24, 2021
(9:00 AM-5:00 PM)

Leader: Eliot Dalton
limited to 8 enrollees
Registration Coming Soon . . .


Cost: $250 Couple, $199 Single
Location: Beekman Arms, Rhinebeck, NY
Contact: Eliot Dalton
610-717-8083


ONE DAY INTENSIVE INNKEEPING WORKSHOP™

April 24, 2021-April 24, 2021
(9:00 AM-5:00 PM)

Leader: Eliot Dalton
limited to 8 enrollees
Registration Coming Soon . . .


Cost: $250 Couple, $199 Single
Location: Beekman Arms, Rhinebeck, NY
Contact: Eliot Dalton
610-717-8083