Financing the Purchase of a Motel for First Time Buyers in South Dakota
Super8 Redfield, SD
Although for us at the Scientific Capital, financing a Super8 under the SBA 7a program is as straight forward as it gets, this project is worth noticing that for many other brokerage firms or lenders, it was not simple to fund it. The buyers opened escrow in May of 2018, worked with two brokers who each submitted the loan to various lenders but each time the loan got declined. Some of the lenders were in fact among those that Scientific Capital has been working with for many years. Prior to the invention of google, the key advantage of working with a broker was his database of the lenders. Today, borrowers can google all lenders in any state. The advantage is no longer having a list of the lenders but to be able to understand today’s financing market and to structure the loans in the fashion that is within today’s credit box. In this project, the previous brokers acted as live fax machines, just received documents and turned around and faxed them to the lenders. Finally, the listing brokerage firm contacted Scientific Capital and asked for assistance in mid-July and in spite of the fact that additional time was required to restructure the package, we were able to close in 45 days.
What Our Client Thinks of Us
Our experience working with Ramin Mostaan has been an excellent!! Mr. Mostaan was extremely professional and knowledgeable. Bank are tedious when it comes to SBA loans, his tremendous experience helped us navigate through the tedious SBA application process with ease. As a first-time hotel buyer with SBA loans process Ramin was the best navigator one could get. Our loan process was complex as the documents where to be sent back and forth from 4 different state. But only and only because of Mr. Ramin’s experience and presence of mind he made the impossible POSSIBLE It still amazes us how quickly we were approved and started our career as a first hotel owner. Ramin will always be the first name for me when it comes to any future loan for me or my relatives. He is extremely intelligent when it comes to submitting and maintain your document for current or future loans. Looking forward to an ongoing business relationship for many years to come!! RAMIN YOU ARE AWESOME!!!!
Thanks again Ramin, we really appreciate you!
Ramin: We thank you for your hard work and diligence! I feel lucky to have you on my team now… And through this process I learned a few good points that I need to ask buyers to better pre-qualify them. I’m sure there’s much more for me to learn. I appreciate you working on this like it was a multi-million-dollar deal. Thank you so much Ramin!
Ryan Olsen Southeast International Hotel Brokers
A major differentiator between us and the others is the loyalty of our clients. This was another project referred to us by Southeast International Hotel and the second project for this client’s greater family
Purchase of Gladstone Inn of Jamestown, North Dakota