In general, conventional financing is more difficult to place, but when the property is older, the sponsors are from out of state, the financing is on a pro forma basis, and there is a large $2 million PIP, it becomes much more difficult. In this project, we were able to overcome all those negatives and close this $8.9 mm loan at about 68% Loan to total cost (including the PIP) and other expenses. We were able to project a RevPar upon completion of the PIP and show that such a RevPar cashflows the hotel at a comfortable Debt Coverage Ratio of 1.25 within the first year. We were able to structure interest-only payments for the first year and waive the FF&E reserve for the first three years.