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Refinance of a hotel at 100% LTV with SBA 7(a) loan in Pennsylvania

Econolodge
Wexford, PA

 

Purchase loan for the Econolodge of Wexford, Pennsylvania     Refinance loan for the Rodeway inn of Niagara Falls, New York

 

The financing of this hotel had one major twist, the borrower had no down payment to buy this hotel. We then used his other hotel, the Rodeway Inn of Niagara Falls as required collateral to meet the required global Loan to Value. With the latest SBA rules, the total loans on both hotels have to be at maximum of 85% of the total REAL ESTATE value of both hotels. This means that we were able to obtain 103% loan to purchase price (include all costs of the loan into the loan) on the Econolodge, refinance the Rodeway Inn’s existing seller carry loan with a new SBA 7(a) loan and use the additional remaining collateral in the Rodeway Inn towards the down payment of the Econolodge. This essentially means that if there is sufficient collateral in other assets, a 100% financing is definitely possible for purchase of a hotel.

 

 

 

What Our Client Thinks of Us

 

This is my First deal with Ramin, and (many more to come). At first we were clueless about the process of buying our hotel. We didn’t know who to turn to and who to trust. Then we did little research on Google and found Scientific Capital. I called Ramin the next day and instead of “we will call you back” or similar responses, we got  “how can I help you” response which was amazing.  We explained our situation to Ramin and he gave some great pointers and sense of “direction” on how to go about acquiring our future property. As we were looking through properties after properties, Ramin examined the hotels and the financials and gave us the facts whether the hotel was a viable option to acquire or not. When we did picked a possible hotel Ramin was right there every step along the way always taking our calls or replying to our emails immediately. It was shocking the amount of time he put into our purchase and never gave up to find us the right financing structure.  I will tell you this after going through Ramin I would never go through another broker.  I have already told 10-15 people about ramin who are in hotel business, if they ever need to look for financing call Ramin. Overall I would give him 10/10 for always being there for us and always giving straight answers. I am truly grateful for Ramin for working hard for us. He has all my future business for hotel financing needs.

See you in few years down the line for another acquisition. Thanks again for everything you have done for us Ramin, if i am every in the California I will visit you or if you are everr in our area please visit us.

Vishal Patel, Sanket Patel
Managing members

 

 

 


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