Refinance of Hotel with Conventional Loan and Reduced Guarantee and Foreign Partners in Virginia
Scientific Capital arranges 3.1 million conventional loan for the refinancing of the Red Roof Inn of Winchester, Virginia.
Many hotels in the US are owned by multiple partners where some of these partners are foreigners and are unable to provide personal guarantee. The majority of the banks in US require full guarantee. Very similar to the Microtel of Cartersville, GA,this project required reduced guarantee as well. Scientific Capital was able to structure this standard commercial loan with the reduced guarantee.
A major success factor in any hotel financing project is proper valuation. Many local lenders use local general commercial appraisers who among other property types appraise hotels. Since they rarely appraise hotels, their database and knowledge of the hospitality markets may not be as vast and up to date as the national hospitality appraisers. Scientific Captial generall works with lenders who contract national apprasiers with rich database and extensive knowledge of every market. Proper appraisal by a national hotel appraiser was a key factor in this project as well.
The best part of working with Ramin Mostaan was how smoothly things went. Ramin was very professional and personable in getting things done. It was very pleasant working with him. Our phone calls and emails were responded in timely manner and never a delay from him. I would definitely refer them to my friends in need of a financial advise.
Ramin was the perfect partner for us when refinancing our property. Ramin is an exceptionally straight forward and committed individual. He ensured that the entire financing process went smoothly and promptly replied to any questions/concerns. We would definitely recommend Ramin’s services to others in the industry who are looking to secure financing.