Tuesday, October 13, 2020

NEW LISTINGS, NEW LISTINGS, NEW LISTINGS!!

It's been a busy summer into fall this year!  

New listings came on board (not driven by the pandemic, just coincidental)

Hartstone Inn and Hideaway, Lodging and Fine Dining in Camden, a confidential catering company in mid-coast, Oxford House Inn and Restaurant in Fryeburg, Captain Swift Inn in Camden, 76 Pleasant Street Restaurant in Norway and East Wind Inn and Tavern in Tenants Harbor! Click on the images for listing details.






 
These listings offer something for everyone - from 4 rooms to 23, with restaurants or bar and taverns, waterfront or in town, a catering company with a building that can be used for any number of businesses! 
 
There have also been new price adjustments on some listings
 
Contact me for more info or just to talk. You don't know what you don't know!

 
Are you ready to hit the reset button for 2021?



The Lending Climate for Hospitality During a Pandemic...

There are no shortage of inn buyers or sellers these days. It's almost as if the pandemic has placed an opportunity to hit the reset button, giving many a reality check of what's important. 

But are the banks lending? That's the question on everyone's mind.

I closed one inn in February this year. Then Covid hit. Three deals then fell through......

Fast forward 6 months or so, I closed two inns last month, The Inn at Bath (bottom two photos) and Acadia Bay Inn (top two). Both buyers worked with Machias Savings Bank and both utilized an SBA deal offering incentive to close by late September. I've frankly never seen a bank push through a commercial loan so quickly but I also didn't realize Machias is an SBA preferred lender, and as such, perhaps they have means that other banks don't. 


I have a list of hospitality lenders in Maine, but of that list, Machias Savings was the only one interested in taking on new hospitality loans, whereas others were looking to wait until the first quarter of 2021, giving them time to  assess the state of the industry a bit before jumping back into things. 

My understanding of why Machias might lend and others might not or why others might be more selective of what deals they would be willing to lend on would be that many other banks with a large portfolio of existing hospitality loans have been busy in 2020 forgiving loans, or deferring payments in order to help their current hospitality clients stay afloat. Machias may not have had a hospitality heavy portfolio in recent years and took this as an opportunity to grow theirs.

I have continued buyer interest and Machias Savings seems eager to continue down the path with hospitality buyers. And with the tourism season getting busier into the fall, things seem a lot more positive going forward than they did earlier in the year.



LET'S HOPE THAT 2020 TURNS THE CORNER AND LEADS US INTO A VERY POSITIVE FUTURE IN 2021.

Contact me if you have any questions at all or want me to introduce you to a Machias Savings loan officer!