After 26 years of guests, Yellowknife bed and breakfast owner ready to sell. But it's not so easy
CBC
After 26 years of accommodating guests from across the world, Faith Embleton says she and her husband Ken are ready to sell their bed and breakfast.
They've actually been ready for more than five years.
Embleton said in that time, they've had many people interested in buying Embleton House — and came so close years ago that she even packed her bags.
"I've packed up three times since then," she said. "Each time, they can't get the money."
Embleton said lenders have been asking for a 75 per cent down payment for someone to buy the place and live in it.
There's also the option for someone to purchase and not live onsite for a 50 per cent down payment, but she says this isn't a good option as the owners of a bed and breakfast should be there.
"You would be an absentee business owner and you need to be a present business owner," she said.
Embleton said there's currently a couple looking into purchasing the property — but after so many false alarms, she isn't getting her hopes up.
Embleton said she doesn't understand why the down payment would need to be so high, as the business is profitable.
"I just don't get it," she said.
Prosper N.W.T. is the territory's business economic development organization.
Embleton said they're one of the lenders, along with several banks, that have required a 75 per cent down payment on her property for financing.
Embleton said she had documents from Prosper N.W.T. outlining that requirement. CBC hasn't viewed these documents.
In a written statement, Leslie Dragon, a spokesperson for Prosper N.W.T., wrote: "While we aren't able to share information with regard to specific clients, we are not aware of any issues surrounding the general sale or financing of bed and breakfasts."
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