Obtaining a loan for
a hotel if the owner or the buyer is a foreign investor or a
non-resident is fairly challenging in the US. Generally, foreigners or
non-residents obtain non-recourse loans to acquire a hotel in the US.
However, with the recent tightening of the non-recourse loans, many
hotels do not qualify for those loans. Scientific Capital can go beyond
this generic option offered by the market and locate lenders including
banks who are willing to finance hotels for foreigners. In this case,
the Baymont Inn and Suites was owned by a public company in India with
a sponsor who is a foreigner. Scientific Capital was able to refinance
this loan in spite of challenges such as foreign ownership.
Ramin:
This is to thank you for your diligent efforts in securing our
refinancing over a long stretch of time. Our case was not a routine
one. It needed additional efforts to work with the lenders in
explaining the complexities of our corporate structure. We found you to
be patient and willing to understand to make it work. There were
several moments during this process when it seemed to be going nowhere.
But you were resourceful to find solutions and keep it on the track.
Ravindra Khare
CEO of Americas Operations
Panoramic Group
