This was an SBA 7a loan used for the purchase of a Super 8 hotel that was then converted to a Motel 6. The challenge on this loan was that the buyer group consisted of several partners, however, some of the partners did not want to personally guaranty the loan and/or did not have the SBA loan eligibility left to use SBA financing (The SBA only allows $5,000,000 in SBA loans to one borrower). We were able to guide the buyer in structuring their loan that helped make the loan eligible because of our excellent underwriting background. Another challenge on this loan was that the seller closing contingency date was no greater than 60 days. We quickly designed a loan structure that would work with the borrower and bank and were able to quickly close the loan to meet the borrowers hard closing deadline with time to spare.

Client Comments:

“It was a pleasure to work with Shawn on one of my recent closings. His professionalism and most of all honesty on what we can do and cannot be done was great. I have worked with many lending professionals and his quick response made our transaction move very fast compared to others. Some of my projects are a bit more difficult than most of his deals I am sure, however, he got in done with great terms as well!”

Amul Patel – Hotel Owner