Financing the Purchase and Renovation/PIP of Leased Hotel with 80% Conventional loan
Hoiday Inn Express
Southpoint Fredericksburg, VA
It is generally harder to source conventional loans at 80% loan to value in many markets. This loan was arranged by Scientific Capital at 80% of the purchase price and 75% of the renovations at a rate of 4.49% fixed for 5 years at 25 year amortization. Scientific Capital was able to negotiate pro-rata limited guarantee for each member of this syndication. The hotel was leased and the lessee was excercising the purchase option but the IHG Formula Blue PIP kicks in when a purchase transaction takes place which in this case was estimated at $2 million.
Our Other Projects With This Client
What differentiates us from the others is loyalty of our clients. Here is the other hotels that we financed for this client not to mention a number of referrals that we got from this client.
Holiday Inn Express
Stephens City, VA
Stephens City, VA
Conventional
$4,800,000
Finance the purchase and PIP at 80% LTV
Springhill Suites
Morgantown, WV
Morgantown, WV
Conventional
$11,000,000
Finance the purchase and PIP of two hotels at 80% LTV
Holiday Inn Express
Fredericksburg, VA
Fredericksburg, VA
Conventional
$12,500,000
Finance the purchase and PIP of two hotels at 75% and 80% LTVs
Holiday Inn Express
Mooresville, NC
Mooresville, NC
CMBS assumption
$7,500,000
Assumption of the existing seller's CMBS non-recourse loan for the buyer
Comfort Inn/ Wingate
Springfield, VA
Springfield, VA
Conventional
$15,300,000
Finance the purchase and PIP at 70% LTV
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