Refinance, PIP, and Cashout for Hotel
with Conventional Loan in Minnesota
Thief River, MN
Many hotels in tertiary markets are only focused on their footprint for financing. Research by Scientific Capital indicates that lenders in some of these markets, even those that are regional, hesitate to offer financing to hotels outside of the immediate neighborhood of their branches. Hoteliers in these markets are having access to only few banks in their small towns. Once declined by these banks, the road to financing is closed. Those who need financing to resolve issues such as including large PIPs (property improvement plan required by the franchisors) and renovations, consolidating multiple loans, paying off ballooned seller carries, buying out partners, get ride of hostile local lenders, franchise conversions, etc. are at the mercy of those very few local lenders. In fact Scientific Capital was able to confirm that nearly no lender in Minnesota was interested in financing the subject hotel. They are all looking for perfect picture hotels or otherwise avoid them.
This Quality Inn needed to be refinanced to reduce high rates, avoid adjustable rates, consolidate multiple loans, cash out and pay off partner loans, pay off seller carry, and include some upcoming renovations all into a single simple conventional loan fixed for five years at very reasonable terms.
Scientific Capital was able to arrange the financing from outside sources and through a very smooth process, allow the clients to give stability to their operations through this conventional loan that will carry them for the next 10 years.
What Our Client Thinks of Us
We must thank you for getting us out of the hole. We will certainly recommend you to all our hotelier friends and family. One thing i like about you is that you keep asking borrowers to furnish the required information in advance for Lenders before they even ask you to supply them. You stay on top on each issue regardless it is minor or major. You are very proactive and pragmatic man and that passion gets you more business in your line.
Thank you very much for all your help. You made this loan process so easy for us. I will definitely recommend you to other hotelier friends and thanks for being so patient with us.