Hotel and B&B Finance:
Funding Your Hotel A Finance Option That Works
Alternative business funding options have gained considerable momentum in recent years, particularly in relation to hotel financing. A popular alternative, known as a merchant cash advance, is specifically favoured by hoteliers due to its flexibility and convenience.
It’s an ideal solution for any business that is seasonally dependant or has fluctuating cash-flow, such as Hotels and B&Bs, because repayments are always entirely in sync with your business’ performance. So, if you make a little less money one month, the amount you’re expected to repay is also suitably smaller.
Funding your hotel has never been easier.
Qualifying for Hotel Financing
With Merchant Cash Express you can borrow anywhere from £5,000 to £500,000, in as little as 48 hours. We only ask two simple things of you:
- Your hotel, or B&B, needs to have been in business for a minimum of 6 months
- You will need to make an average of £5,000 per month in customer card sales
So, if your hotel is processing a good volume of card transactions, but you’re in need of a little extra cash, a business cash advance is a more than suitable solution. It's the quick, cost-effective and hassle-free means of sourcing additional funding for your hotel business.
Using Your Hotel Cash Advance Wisely:
- Refurbish or renovate your premises
- Repair or upgrade hotel amenities
- Invest in additional marketing
- Expand your work-force
- Bridge a seasonal slump in sales
How Does It Work? Cash Advances For Hotels
A merchant cash advance, or a business cash advance as it’s also known, is not a loan. It is an advance payment which is calculated based on your business’ expected future income from credit card and debit card sales. You’re essentially gaining access to a proportion of your future income early.
How It Works In 60 Seconds:
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Your hotel or B&B will receive an instant cash-boost of up to £500,000, which is then repaid automatically via a small percentage of your future customer card sales. The percentage that you repay is always agreed upfront, prior to the exchange of any funding. You keep 100% of the revenue you make through cash sales and there is no APR charged.
Advances vs. Bank Loans What’s Best For A Hotel Business?
When it comes to obtaining additional funds for your hotel, applying for a bank loan is likely the first financing option that springs to mind, but it isn't necessarily the most suitable or affordable option available to you.
A cash advance has been specifically designed to help business owners, and hoteliers alike, whose funding needs are failing to be met by traditional financial institutions, such as banks. Bank loans do not offer the flexibility, nor the speed of service, that come hand in hand with our business funding alternative.
Explore the key features of both options below to see for yourself exactly how they compare.
Business Cash Advance:
Applying - Simply complete and submit a short, 1-2 page, online form. No business plan neccessary. No excessive paperwork or calls.
Qualifying - High approval rates. Qualify within as little as 15 minutes.
Repaying - No fixed repayment period and no fixed repayment amount; just flexible repayment terms that are completely in sync with your business' performance. Pay back using a small percentage of your customer card sales. Read More »
Accessing The Cash - You can access the cash your hotel needs within as little as 48 hours!
Cost - No APR. No application or set-up fees. No late charges. Just one simple, all-inclusive fee.
Collateral - Business cash advances are a form of unsecured finance, so there is absolutely no need to provide any vaulable assets as collateral for the amount borrowed. « Show Less
Applying - You will need to provide a detailed and lengthy business plan to apply, and you will always have an excessive amount of documentation to fill-out and submit.
Qualifying - Approval often takes weeks and the majority of small businesses will not qualify due to the bank's stringent qualifying criteria.
Repaying - Repayment periods and payments are always fixed, regardless of your business' performance. If you default on repayments you will incur charges and penalty fees. Read More »
Accessing The Cash - It can take weeks, or even months, before you gain access to a bank loan.
Cost - Interest will be charged for the entire length of time that the loan remains outstanding and additional late fees and set-up costs usually apply.
Collateral? - Banks will usually request that you provide a valuable business asset as collateral for the loan in order to qualify. « Show Less