We arrange the refinance of
Inn Express of Waller, Texas
SBA 7(a) consolidation loan
notes that are discounted by a regulated lender is generally
challenging specially if government guaranteed programs are used. Aside
from meeting standard credit requirements, there are two major hurdles
to overcome, first to find a lender who is in principal willing to
finance a discounted note regardless of the regulations and second, to
assure that the regulations allow for the refinance of that note under
the specific circumstances that have led to the discount.
Many lenders, regardless of the regulations and merely based on their
lending policy, consider a discount as charge off which generally is
associated with a default. These lenders do not even entertain
refinancing discounted notes.
The regulations, at least when it comes to SBA financing, specifically
disqualifies small businesses who have caused prior losses to the
government and have delinquent federal debt including losses incurred
as a result of foreclosure or settlement of a loan balance.
Additionally, in order to refinance a discount, the small business
needs to have been current with the loan at least for the past year.
Many lenders require two or more years of current payment history.
In this case however, the lender had sold the note to a private equity
firm. These firms are looking for short-term gains and once acquiring
the note, are generally offering a discount as an incentive to the
hotel owner to refinance. Our challenge in this project was to
refinance a newer hotel who had stabilized only in 2012 yet taking
advantage of the negotiated discount.
What our client thinks of us
From Day one, Ramin was by my side,
step-by-step, helping me refinance my hotel. I have had to go through a
lot of trouble to get the loan; it was not only a lengthy and time
consuming process but there were many glitches and setbacks along the
way. Nevertheless, Ramin was there every time I needed him, everything
was done in a timely manner, and he has done far more than needed to
get me that loan. During critical times, he would offer sound advice.
The best things about working with Ramin are his patience, dedication,
knowledge, and excellent recordkeeping.
I would not hesitate at all to recommend Ramin and Scientific Capital
Group to anyone.
Thank you, Ramin.
Bud Patel visits us at the AAHOA 2013 tradeshow
in Houston, Texas
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