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Financing the Lease to Purchase of Hotel in Pennsylvania

Fairfield Inn

Monaca, PA

 

 

This project was best fit under the SBA 7a program. In most cases when future projection of revenue is used to qualify a loan, the government guaranteed programs such as the SBA or the USDA are the most suitable loan programs to use. One of the major requirements of an SBA loan is the proof of equity. Most often, buyers scramble to put together the equity from a number of accounts without thinking of the seasonality required by the SBA which states that the funds used as equity should have been in the account for 3 months. The proof needed is three last consecutive statements showing the balance of that account not falling in any single day below the amount of equity being used from that account. As an example, if the borrower is using $100,000 from one of the accounts to wire to escrow as part of the downpayment, the balance in that account could not have dropped under the $100,000 on any day in the past three statements. The challenge in case of a lease to purchase is that the lease has started in the past with the lessee unaware of the SBA requirements. Since the lease’s non-refundable deposit is applied to the downpayment at the time of exercising the lease to purchase option, it is a major task for Scientific Capital to organize and provide proof of all sources of funds used at the time of the lease and to qualify the project for the SBA.

 

 

What Our Client Thinks of Us

 

Ramin: We are very thankful for Ramin Mostaan’s professional, responsive, and honest assistance with the whole mortgage process from beginning to end.  He got us the most cost-effective deal possible. We have referred him to our friend, who is closing 2 Loans with him very soon.  We can’t recommend Ramin highly enough.

Dhrumit and Karan Shah
Managing Members 

 

Dhrumit and Karan Shah referred us to Parimal Patel and Alen (Ashish) Patel

 

 Purchase/conversion of Comfort Inn & Suites of Washington, PA (Parimal/Buyer and Alen/Seller)

 

 Purchase/conversion of Comfort Inn of Pittsburgh, PA (Parimal/Buyer and Alen/Seller)

 

 


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