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USDA Disqualifies Hotels with Pools


On July 24th, USDA issued a Notice pursuant to the recent passing of the American Recovery and Reinvestment Act of 2009 indicating additional funds allocated to the Agency for use under  the B&I loan program.  The provisions of this Notice do not apply to the loans funded under the Omnibus Act of 2009. (see the Notice - Vol. 74 No. 141 July 24, 2009)

The highlights of the Notice are:

The guarantee has three benefits for the lenders:

Hotels with pools then can only be financed through the Omnibus Bill at standard terms with 80% guarantee yet the lenders will find it unattractive to finance hotels at 80% while they can receive 90% guarantee on other types of assets. On the other hand, pools are almost a standard feature for the hotels and the franchisors now may require a pool as a necessary feature. With the USDA financing as the last resort strategy for financing hotels, the disqualification will blight this weak industry even further.




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