$2.34 Million Loan Request for the

Refinance of the

Garner Hotel of Doswell, VA

Terms and Conditions

You are given access to this loan proposal memorandum because Scientific Capital has determined that you (LENDER) have indicated that you have interest in reviewing this loan request and the lending capacity in offering this loan. The information provided in this memorandum is confidential and may only be shared with LENDER’s internal staff and should not be shared with other lenders, brokers, vendors, and third parties unless authorized by Scientific Capital. LENDER is not authorized to pull credit from the borrowers unless the borrowers have signed LENDER’s authorization form.

This memorandum is prepared by Ramin Mostaan and any questions or comments should be directed to him at the following contact information:

Ramin Mostaan
Scientific Capital
949 477 5000 (Office)
949 302 8300 (Cell)
ramin@scicap.com

Transaction Overview

Purpose

To refinance the $2.2 million loan of this 72 room interior corridor Garner Hotel in Doswell. The hotel was acquired in 2010 and in December of 2024, Mr. Sunil, the owner of the hotel started a full renovation/conversion from Wingate to Garner by IHG. This meant closure of some rooms and floors until in May of 2025 when the entire hotel was closed until the end of June 2025 for completion of the renovation. On July 1, 2025 the hotel opened as Garner.

Project Strength

The hotel was just fully renovated and converted from Wingate to Garner by IHG
The Wingate was dated and the revenue was dropping but with the renovation and the upgrade to the IHG brand, the occupancy and the ADR is higher than same period before the conversion
The owner is a seasoned hotelier with many hotels in the portfolio

Project Challenges

The owner has access to private funds and has financed many of his hotel renovations, refinances,, construction, or purchases with private funds. Unfortunately, the accounting and papertrail of these loans is not as solid as a banker
Since the hotel was not cashflowing sufficiently for the loan requested and the Garner conversion took place 6 months ago, we do not have a full year tax return under the Garner brand to show sufficient cashflow, hence, the loan request is on proforma basis

Proposed Financing Structure

Proposed Collaterals

First Deed of Trust on the subject property and first lien on the security interest
Additional collateral pledged by the borrower: NONE
Additional guarantee pledged by the borrower’s affiliates: NONE

Sources of Repayment

Primary source of repayment: The rent paid by occupants of the subject hotel
Secondary source of repayment: Borrower’s personal excess cashflow and liquid assets
Tertiary source of repayment: Liquidation of the property anticipated to be a 75% loan to appraised value
Final source of repayment: Enforcement of guarantee

Hotel's Financials and Information

Specifications

Address: 16280 International St, Doswell, VA 23047
Rooms: 72
Corridor: Interior
Number of buildings: 1
Number of floors: 3
Building square feet:
Lot size:

Location

Photos

Demand Generators and Customer Segmentation

The Garner Hotel benefits from demand generated by its close proximity to Kings Dominion amusement park, Interstate 95, and nearby employment centers. Its primary customer segments include leisure travelers mostly families and groups visiting the theme park along with transient highway travelers and a small portion of business, contractor, and event-related guests, with peak demand occurring in the spring and summer months.

Historical Cashflow

STAR reports

Projections

Borrower Financials and Background

Borrowing Entity Structure

The hotel is owned by JSN LLC which has two members, Sunil and his spouse Nisha at 50% each