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Financing the Purchase of a Hotel in for the First Time Buyers in Indiana

Microtel
Elkhart, IN

 

Purchase loan of Microtel of Elkhart, Indiana

 

We were approached by the buyers of the Microtel of Elkhart who were from out of state and did not have direct experience in managing hotels to arrange financing for their acquisition of this hotel under the conventional program with 80% to 85% loan to cost.   Unfortunately, the conventional loans and even 504 loans are tougher to obtain and require more streamlined loan scenarios such as the buyers to be in-state and probably regional to know the market and have other hotel operations whose performance be the evidence of their experience and operational skills. Once our client was convinced that this first purchase was tough to be structured conventionally specially at high LTV,  we quickly used the alternative option which was an SBA 7a loan to close.

 

 

 

What Our Client Thinks of Us

 

Hello Ramin:

On behalf of the Best Hotels LLC, I would like to thank Ramin for tremendous support and coaching during this financing process. For us, this was our first project and not knowing much about the hotel financing process, we contacted Ramin. On first day of the email correspondence, he sent us a table with loan structure stating loan amount, fees, PIP, down payments etc. This was very impressive to me and my team as to clarity of information was given instantly and confusion was removed for numbers. During the loan process, we hit a road bump with our 1st selected bank after 6 weeks. Ramin quickly found another bank and close the loan within 45 days. It was a fast recover and we were able to meet deadline. Communication was excellent through the process and kept us updated on each step. Once again, our sincere thanks to Ramin for an excellent financing partner.

Thanks

Pravin Mistry
Managing Member

 

 


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