Financing the Purchase and the PIP of an Independent motel with SBA loan in Georgia
Scientific Capital arranges 1.4 million SBA 7(a) loan for the acquisition and PIP financing of the Augusta Budget Inn of Augusta, GA.
This is a 2nd motel acquired by the buyers and the timing of the closing and the quick approval was of essence. Like many other hotel acquisitions that a group of investors in a syndication buy a motel, this as well was acquired by 3 partners. With all the new regulations, an important change in the financing is the recent rigidity in verifying the sources of the funds for the down payment. Hoteliers have to prove that the money they are putting in is seasoned for 2 or 3 months. Even if a partner is receiving a gift from others, the friend or the family member offering the gift has to prove the seasonality of the money to be gifted by providing 2 or 3 statements showing that in the 3 months the amount to be gifted was in the account and the balance never dropped below or if it did and there were deposits in the account, the source of them should be verified for deposits over $3,000. It is important that hoteliers plan their acquisitions ahead of time and figure out the down payment structure 2 months ahead of time so that upon entering a contract and starting the financing, their money is showing seasonality
Ramin has been great to work with. He was quick to respond to any question that we had and has helped us every step of our loan. We were glad that we contacted Him. He made sure on the first conversation that our loan would get done and he got it done. He has been extremely patient with us and our questions throughout the whole process. He had us ready for all the steps before hand. We hand excellent experience from the our first conversation to the closing. Ramin is very knowledgeable, reliable, and experienced in his field. He always kept us updated with the progress of the loan. He has our business for all our future projects. Thank you.Thank you very much Ramin.
Ramin: Thank you so much for all your help in securing our new business loan here in Augusta GA. Here is my review of your performance:
From the moment Ramin Mostaan from Scientific Capital Group, Inc called me I felt a sense of honesty. I was nervous about working with someone based on past experiences, but Ramin was honest and informative. He knew my urgency and how I needed this deal to be close as fast as he can. He explained the process clearly very straight forward. This was important to me since I was a first time business buyer. And he allowed me to ask the most minute questions, and he answered them in a way I could understand. I trust what he tells me and feel excited about my future goals.” To sum up, he is highly professional, honest, knowledgeable and responsive and always looking out for my best interests.
Yatin Patel at Scientific Capital booth at AAHOA 2018