Financing the Purchase and PIP of Hotel with Projections in Virginia
Scientific Capital arranges 1.4 million SBA 7(a) loan for the acquisition and PIP financing of the Quality Inn of Exmore, Virginia.
This hotel was bank owned in 2014 and had no prior financial hisotory. The challenge for this acquisition was to help the buyers acquire this hotel with projected revenues and profits. As such, in spite of the small loan amount, the loan was very difficult to place. It required Scientific Capital to assist the borrower in the preparation of the business plan and the proforma profit and loss statements. Although bank-owned hotels do not have financial history, it is still possible to find information on the property that can be used in place of the foreclosed owner’s missing tax returns. This is where Scientific Capital excels in searching and obtaining these type of material in order to prove the historical performance of the hotel.
This is my 2nd deal with Ramin. His services are excellent and co-operative right from gathering documents, working with other partners and the franchisor. His knowledge is extraordinary on title, escrow, hotel loans, and the SBA loans. I have been contacted by several brokers to do the loan for this purchase but with my prior experience with Ramin, I stayed with him and he did justify my decision to be awise one.
|Purchase of Sleep Inn of Chesapeak, VA|