This was an SBA 7a loan used for the purchase of an older exterior corridor independent property to be converted to a franchise hotel. The challenge on this loan was to obtain financing on an older exterior corridor independent property. Several lenders in today’s market place either do not do hotel properties at all and/or have several restrictions on the types of hotels they will finance. For example, most lender’s will not finance independent (Non-Franchise hotels) or exterior corridor properties. Some lenders will not finance hotels that are less than 10-15 years old. However, the bank’s we work with will finance all property types (Independent or Franchise) without any set property age restrictions. The bank’s we work with are more concerned with the present condition of the property and above all else it’s ablility to service the proposed debt. In fact our lender’s are very unique as they will allow the buyer’s to close on the property as an independent and completely manage the PIP themselves should they wish to do so. Many bank’s want to manage the PIP conversion to ensure it is done quickly, however, it can be a very costly and painstaking process for the buyer and their contractors.

Client Comments:

“Working with Shawn is like an easy walk through. He makes the process of loan closing so simple and comfortable. He’s dependable when it comes to confidentiality and ensures that his clients are treated the best. His patience and professionalism made the process easy. Shawn made sure he tailored the process to match my time constraints and got me great terms. All in all he turned a stressful process into an enjoyable process.”

BK Patel – Hotel Owner