Trish Badham
Sales Representative

Niagara-on-the-Lake Realty Brokerage (1994) Ltd

cell:905-329-1563
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Mortgaging a Bed & Breakfast in Niagara
Friday, 12 November 2010, 07:35:50 AM

Finding a financial institution that will help you with a mortgage is tough.  Most banks will state that B&B must have a commercial mortgage and then of course the rates are higher. In Niagara on the lake, the Meridian Credit Union has decided that Bed and breakfasts can be mortgaged as a residential home.  For them to mortgage the property they will need it to be a conventional mortgage (20% down) and an outside source of income.  They will consider the income from the previous owners pending enquiries.  This is good news for new potential B&B owners.  For information on who to contact www.meridiancu.ca  or send me a note and I will give you the contact information.

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