Financing the Construction of a Motel with SBA 504 Loan in Texas
Photo of the motel while under construction
Construction hotel loans are fairly difficult to obtain. They are even more difficult to process through the SBA 504 program. Much more precise projections are required by the SBA and the SBA processing center reviews and weighs in the assumptions made for the projections. When these projects are handled by Scitnific Capital, a standard processing time is required to close these loans. Without Scientific Capital’s organized and professional handling of the porject, without being a step ahead of the parties involvied when documents are required, the project will take much longer and will be more difficult. There are many failing points that Scientific Capital will be able to safegurd the project such as couple of such instances in this project. The borrowers themselves do not have the position, the background, the knowledge, and the relationship to save the project in these instances.
With the 504 loans, it is generally possible to finance 80% of the total construction project cost with 50% of the project financed by the first lender and the 30% financed by the SBA.
without your hard efforts, we would not be able to get this loan. You are our inspiration. We are very fortunate to have you in our deals.
Thank you so much
|Refinance of the Quality Inn of Thief River, MN|
Rajendra Patel visits us at the 2015 AAHOA