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.
The informaition on this web page concerning bed and breakfasts is based on knowledge concerning properties in Niagara on the Lake, Niagara Falls, Niagara Region. No warranties or representation concerning properties for other parts of Canada.