Financing Hotel Purchase at Hight Loan to Value in North Carolina
This project as any other project we handle at the Scientific Capital, had its own peculiar factors:
- The Comfort Inn agreement was shorter than usual but most lenders only take full term contract and do not like to finance a hotel with short-term franchise contract
- The seller had multiple other companies yet filing single tax return and as such we had to rely on other documentation for the proof of the historical revenues and the expenses
- Akshat wanted all costs included in the loan, hence our loan was nearly 88% of the purchase price
Higher Loan to value and the challenges with the franchise terms made this loan less of a candidate for a conventional loan. With pressure on the closing time frame, there was no room for risk with conventiona loans and we decided to fund through the SBA program
I don’t have enough words to thank you for all of your help with the closing of the Comfort Inn, Pinehurst, NC. I have been in the hotel business for 20+ years and have never done an SBA loan. I was concerned with this loan to begin with and was not ready to do an SBA loan.
Not only you convinced me that the SBA loan was the right call, but you also assured that my first SBA loan would be done as smoothly as possible. It has been an amazing experience working with you Ramin; You are not only prompt, reliable, and efficient but also give excellent attention to detail. I am very impressed with your working style as you are an honest and reliable man with great principles. You are also very well connected with various banks and has years of experience regarding the financing of hotels.
I saw that you have an incredible passion for your work and I greatly appreciate all that you have done for our loan as you stepped above and beyond and did all that was necessary for a smooth transaction.
I strongly recommend you to any hotelier for a hotel financing loan. Your are the very best in the industry. With this transaction I have established a long lasting relationship with you.
The Shri Hotel Group greatly appreciates all of your help. Please accept my sincere gratitude for your commendable job. Thank you again Ramin.
Akshat Patel, Raleigh, NC
|Closing of Sleep inn of Durham, NC|
Akshat Patel at our booth, AAHOA 2018 (Washington DC)
Akshat Patel at our booth, AAHOA 2016 (Nashville)