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The Accommodation and Food Service sector of Australia comprises of establishments and outlets that provide customers with housing and/or facilities like cooking meals, refreshments, and drinks for instant consumption.
Obtaining a commercial property loan for a hotel property is quite similar to an ordinary commercial property loan with a few understated differences.
Financing a hotel property is done for a specific purpose which implies that it is unreasonable cost prohibitive too, to transform it into a commercial property of alternative use.
This is because an office block can provide accommodations for several different types of trades but a hotel property can only provide accommodations for a hotel.
As such, hotel accommodation loan is unwarranted to the lender as compared to a regular commercial property.
A moneylender will arbitrate this peril by resorting to a more conventional tactic to guaranteeing a hotel loan.
To obtain financial approval for a motel loan the following step have to be followed:
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