Hotel Financing
Give your guests a stay to remember.
The goal of every hotel and motel business owner is to enhance overall customer satisfaction. Using hotel software, training your employees, personalizing your guests’ stay, and rewarding repeat guests are great ways to provide an exceptional customer experience. However, these efforts cost money, and some hotel and motel business owners may not have extra cash to fund these initiatives.
At 1West, we offer hotel financing that can help cover the costs of renovations, improvements, and overall business growth. Hoteliers can also use the funds to pay for daily operational expenses during slower seasons.
It’s important to find the right financing that suits your hotel or motel’s needs. Our financial experts can guide you throughout the process so you’ll have the working capital you need in no time.
Using a Hotel Business Loan to Grow Your Business and Satisfy Your Guests
To keep up with the competition and increase customer satisfaction, you might consider revamping your establishment or adding new services.
Here’s how you can use the funds from hotel financing:
The Best Hotel Financing Options for Your Business
Working Capital Loans
Working capital loans can help you navigate seasonal bookings throughout the year. You can use the money to cover payroll, utilities, and other operational costs. The additional working capital can also help you prepare for peak seasons, like buying inventory, adding new amenities, and more.
Working capital loans are often short-term and have shorter repayment terms typically repaid within a few months or two years. The turnaround time for working capital loans depends on the lender you’re working with. At 1West, you can receive the money you need in 24 to 48 hours after approval.
SBA Loans
SBA loans are financing programs backed by the U.S. Small Business Administration (SBA). The SBA helps hotel and motel business owners secure bank-rate financing by guaranteeing up to 85% of the loan. This means that lenders are more willing to approve small businesses since they will still get a portion of their money back.
SBA loans are the most popular financing options for small business owners because they offer higher loan limits, longer repayment terms, and lower interest rates than other types of loans.
Equipment Financing
If you’re looking to take out a loan specifically for equipment purchases, consider equipment financing. This type of loan gives you the resources your need to purchase or lease hotel equipment, furniture and fixtures, vehicles, and more.
Equipment financing allows you to pay for these purchases over time rather than a one-time payment. You’ll be able to use the equipment right away while paying for it in fixed monthly increments or whatever you and your lender agreed upon.
Business Term Loans
Business term loans are great options for funding large and expensive initiatives, like a construction project or buying a new property. Once approved, lenders will give you a lump sum with repayment terms stretching for months or years. You can also use the funds for almost any business purpose instead of just large purchases.
Business Lines of Credit
A business line of credit is the best option if you’re looking for flexible hotel financing. Like a credit card, lenders will give you a credit limit that you can withdraw from any time. You don’t have to use all the money at once, and you’ll only repay for the money you’ve withdrawn plus interest. Business lines of credit are revolving in nature. This means that your credit limit goes back up to its original limit after paying off your debt.
Apply for a Loan with 1West
Hotel and motel business owners know that securing additional working capital to fund growth and expansion can be frustrating. Traditional lenders usually hesitate to extend money to small business owners for several reasons, like lack of collateral and credit history.
At 1West, we understand the struggles of obtaining a loan for your business. So, it’s our goal to make it simple for you—no need to submit mountains of paperwork or wait for months for approval and funding.
Quick Access to Additional Working Capital
We want to make sure that you’ll receive your money quicker than traditional lending institutions. We partner with more than 50 lenders in our marketplace to help you get the right loan for your hotel. Approval only takes 24 to 48 hours!
Full Transparency
We promise complete transparency with all your transactions with us. You’ll always know where you stand with 1West.
How to Apply for Hotel Financing with 1West
We make hotel financing simple.
- Create an account. Everything is fully automated, and it will only take a few minutes of your time.
- Choose a loan that’s best for your hotel. We understand that choosing a hotel loan can be overwhelming, given the number of options available. You can use our product wizard to help you decide on the best hotel financing!
- Apply and compare hotel loans. We submit your application to our lending partners and receive multiple offers from a single application. Our lending experts can help you compare your options so that you can apply for the best hotel loan for your business.
Apply for Hotel Financing with 1West
At 1West, we make sure to provide the best hotel financing suitable to your goals and objectives. We work with more than 50 lending partners, so you can easily compare rates, terms, and products.
Apply for a hotel business loan today!
Find out which lender, loan, and terms best fit your hotel business at no obligation on your part.
