Refinancing / Cashout Hotel with 80% Conventional Loan in West Virginia
The goal of obtaining this loan was to refinance the existing adjustable rate SBA 7a loan with lower fixed rate conventional loan but with cash out up to 80% Loan to Value. However, it is a very difficult undertaking to refinance hotels specially economy and mid-tier brands and cash out at high loan to value. The factors that help achieve a successful refinance like this one is to have strong and stable cashflow, upgraded hotel, and multiple/stronger sponsors. We also were able to structure of the loan with a portion of the funding as a line of credit for the future use in other investments.