Quote:
Originally Posted by SteveA
As I stated in the orginal message, I am friends with the current owners of the Belknap Motel and Inn.
Recently, Harry Blinn, (owner) asked if I'd bump this thread up up. They have new information and a reduced asking price.
Thanks,
From the owners:
"We originally posted the waterfront unit only which drew a lot of interest before it was decided to sell the whole Belknap Point package about a year ago. During that time there have been 3 contracts on the property and in each case failed due to buyer financing problems. In each case it comes off the market so as a result it has not been openely available that long. There are 3 local banks ready and willing to loan 80% financing toward the purchase. The price has been reduced to 1.25 million."
http://www.bpmotel.com/
For the record, I have NO business interest in this transaction in any way, just posting this for a friend. Please direct any questions to the folks at Belknap Point. |
It is a fact that after the 2007 'bubble burst', the feds have passed a multitude of 'tangled webs', hoping to avoid the burst again. This results in difficulty in getting business loans, a big reason why lots of businesses remains unsold, and in some cases dissolved. There is a lot of talks to ease the 'slack', but to no avail. Today one must seek 'creative financing' to realize their dream. Buying and selling businesses was not a problem before 2007. Now it is a nightmare!