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 B&B’s/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
Assist client and coordinate with lender/s, 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 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 …
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 …
“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
“For many years, we thought about owning a Bed & Breakfast when the time was right. When we reached that point, we set out to learn as much as we could about becoming innkeepers and how to avoid the pitfalls in finding the right property and funding that made sense for our individual situation. Early in the process, we were introduced to Rick at Commercial Capital Network. Rick worked with us in quickly prequalifying for a loan. This was invaluable as we started looking at properties that fit our budget and met our expectations.”
“We knew immediately that Rick would be helpful in navigating the loan process. What we did not know was that Rick’s years of building relationships in the B&B industry made him a great resource in finding the right property. Frankly, Rick had a working knowledge of every property we considered and, in most cases, had previously worked with the owners giving valuable insight to each one.”
“Once we settled on the right property, Rick walked us through the complicated loan process and put us in the best position for loan approval. Again, with years of servicing the industry, Rick had deep contacts in the financing community which led us to securing a loan that precisely fit our needs.”
“Once we were settled into our Bed and Breakfast, we reached out to Rick with numerous questions beyond finance. Anytime I have a question about regarding the industry, needing an introduction or need someone discuss ideas, Rick is the first person I call as he has become a trusted advisor to me. Many of his clients have the type of same relationship with Rick because he cares about the ongoing success of his clients.”
“There are many financial institutions where you can find funding for your new venture, but you will not find the experience, innovative financing solutions and long-term care that Rick and his network offers.”
“Thanks Rick!”
Beth & John Blackwelder, Owner/Innkeepers The Aerie
New Bern, 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.”
“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!”
“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.”
“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.”
“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.”
“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!”
“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.”
Trees are bursting with leaves, flowers are blooming, and birds are singing their sweet songs. All is new, beautiful, and serene. Can you guess what season we’re talking about? It’s the time of year you’ve been anxiously awaiting after a long, cold winter. Yes, that’s right…. spring! Springtime is beautiful in whatever corner of the... Read more » The post What to Do in Asheville, NC, in the Spring first appeared on 1900 Inn on Montford. Read more »
Source: 1900 Inn on Montford | Published: January 27, 2021 - 8:51 pm
Dining at a great restaurant is a big part of an enjoyable getaway. And we happen to be near a plethora of amazing restaurants representing a variety of cultures and flavors. To make it easy for you, we’ve created the ultimate guide to restaurants in the Berkshires. During your next trip to the Berkshires, book… The post Ultimate Guide to Restaurants in the Berkshires appeared first on Devonfield Inn. Read more »
Source: Devonfield Inn | Published: February 17, 2021 - 9:57 pm
The Blue Ridge Parkway is a major attraction for visitors to Western North Carolina. First-time visitors to the region may be unsure how to start exploring the parkway, so this article is a first timer’s guide to the Blue Ridge Parkway. What is the Blue Ridge Parkway? The Blue Ridge Parkway is a 469 mile-long… The post First Timer’s Guide to the Blue Ridge Parkway appeared first on The Yellow House. Read more »
Source: The Yellow House | Published: February 1, 2021 - 2:23 am
"Betsy joins me in extending our gratitude to you for laboring with us in securing refinancing for The Boxwood Inn. We sincerely appreciate your patience, professionalism, your intimate knowledge of the hospitality industry …
"We had been trying, unsuccessfully for over a year to refinance our B&B with local banks, national banks, online commercial lenders and brokers, without any luck. We finally got in touch with Rick, and got the process started, which was pretty painless. …
"It was certainly a pleasure doing business with you Rick, and I wouldn't hesitate to do it again. You helped us out of a touch situation and were very professional while establishing a friendship. And we still want you to come out to visit us!"
Liz Parrish & Peggy O'Neil
Crystal Wood …
Upcoming Innkeeper & Aspiring Innkeeper Training Events
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: $250 Couple, $199 Single Location: Beekman Arms, Rhinebeck, NY
Contact: Eliot Dalton 610-717-8083
Future Innkeepers Hands-On Workshop
May 20, 2021-May 23, 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.
The Blue Ridge Parkway is a major attraction for visitors to Western North Carolina. First-time visitors to the region may be unsure how to start exploring the parkway, so this article is a first timer’s guide to the Blue Ridge Parkway. What is the Blue Ridge Parkway? The Blue Ridge Parkway is a 469 mile-long… The post First Timer’s Guide to the Blue Ridge Parkway appeared first on The Yellow House. Read more »
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