Please note: Due to the Coronavirus outbreak, Spotcap is currently not assessing new loan applications in the UK.
Spotcap’s current clients are still able to log into their dashboard as usual.
For further information and how to contact us click here.
Hotel Financing is additional funding that can be used to finance and reinvigorate a hotel, helping the business with anything from renovations and expansion to cash flow bridging and hiring staff. Traditional banks can provide loans for hotel finance, as well as several alternative lenders. There are also specific hotel finance brokers that can help you choose the right way to move forward.
The hotel industry is particularly susceptible to seasonality and demand fluctuates constantly. Running a successful hotel business demands attention to detail, both in service given to customers and managing profitability. Given the seasonal nature of the trade, however, business improvements can become challenging.
A business loan for hotels can help overcome challenges due to seasonality, but can also be utilized to make short term investments. Think about equipment or machinery purchasing, hiring additional staff for the high season or financing small renovations.
A hotel business loan suits many purposes
To get a small business loan you will need to apply, either with a traditional bank or an alternative lender and choose the type of hotel business loan you need. If you are applying for an unsecured business loan, you will need to have well-managed financial accounts to prove that you are profitable and will be able to pay back the loan. With many modern lenders, you can get a hotel business loan application entirely online. To be sure of the right solution for your business, seeking advice from your accountant or a financial advisor can be valuable.
There are many ways to finance a hotel, the most common being a loan through a traditional bank. This will most likely be a secured loan, which will require the business owner or directors to provide personal collateral, meaning they may risk their personal assets if they default on the loan. Another option is using an unsecured business loan to finance your hotel, which does not require collateral, and the application can often be faster as the lender does not need to evaluate assets.
Speak to our client services team on 0203 308 9188 or have a look at our brochure.
