The hospitality sector is thriving, and revenues and earnings are up throughout the UK. As a result of this, there are many lenders in the market. There has been an unprecedented amount of funding made available for all manner of hospitality projects, with bed and breakfasts accounting for a large proportion.
It is important to remember that lenders favour financial applications that are underpinned by sector experience as well as an existing asset or some form of financial security. While it is true that a well structured business plan can go a long way in favouring the first-time applicant, it is also a fact that a successful history and a knowledge of the industry can offer major advantages. Lenders are attracted to hotels and B&Bs with core brands, seasoned owners and developers in possession of and operating at least one property.
Running a B&B has been likened by many to having a new baby. It involves late nights, early mornings and a lot of laundry, but the personal and professional benefits can far outweigh the work involved. Running a B&B gives you the chance to establish long term business relationships with valued guests and clients while making a healthy profit.
Tourists, travellers and holidaymakers want a high standard of accommodation on a small scale and a friendly and personal service. B&Bs account for over £2 billion annually, so it is essential to ensure your establishment offers the comprehensive service the sector demands.
We’re committed to helping our clients secure finance for their ventures into the leisure and hospitality sector. Every business plan is different and it is our role to ensure that each of your individual requirements are met by your mortgage. Due to the health of the sector, there are fortunately many lenders willing to offer bed and breakfast finance. We will help you devise an appealing business plan to present to lenders, making sure you have every chance of securing the funding you require.
