“We purchased our property in 2005 “as is” with a residential loan. We went through our local zoning process to have our building re-established as a small bed and breakfast after years of it not being used as a lodging property. Every time we wanted or needed to do something to upgrade our property, we hit a brick wall because now we had a business but no commercial loan.
We spent many, many years trying to convert our residential loan to a commercial loan with various lenders. We checked many avenues for financing including most all of our local banks, our local Small Business Development Center at our local university (twice), and our local Economic Development Corporation. We received a letter in the mail at the beginning of this year from Rick Newman claiming there was financing available in the Mid-Atlantic region for our industry.
Well, we have always had complete confidence in vendors affiliated with PAII, and since Rick Newman was one of those listed as affiliated with our professional organization, we contacted him. We considered it our last shot at converting our loan, or the “for sale” sign was going up by the end of this year – we were tired of the dead ends. Amazingly, he was able to finally do what no one has been able to help us with all these years. We are very grateful, and we look forward to a longer innkeeping career.”