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Hi,
New user and before I get in to the question I’d like to say thank you to those who have posted here, especially thecrest, there is some invaluable information posted.
My question relates to industry experience; my wife and I have no experience in running a motel or hospitality but we’re looking for that mid life sea / work change. Is that typically a firm requirement from lenders?
We have $300-400K of equity in our house, with around 3-4 years to go until its paid off. We’re still in our early 40’s so I think plenty of ‘work life’ left in us so I’m confident we can get a reasonable level of funds, but I’m not sure how much a lack of industry experience will hurt us.
I ask this because from what I have read lenders often require a business case and industry experience is a consideration. Is this true, and if so how would we address this?
Cheers.
