Finance the Purchase of Hotel with Projections
in South Carolina
Sleep Inn
Walterboro, SC
The closing of the Sleep Inn in South Carolina is another completed 7a project that worth attention. In majority of today’s acquisitions or even refinances, sellers/owners list a number of personal expenses, exceptional non-recurring charges, and expenses related to other businesses owned by the sellers/owners. In general, lenders do accommodate limited add-backs that are provable, unambiguous, and transparent. Payroll or checks made to the owners and owner’s family members or to the owner’s other businesses are justified and provable. Professional fees such as legal fees, gas and transportation, commingled expenses for other hotels, etc. will probably be vague and hard to prove. The goal then is to focus on minimum number of larger more direct and provable add backs to measure the cash flow.
What Our Client Thinks of Us
Ramin: I would like to thank you for helping us getting financing through SBA. Getting financing for Hotel acquisition in times like this is very tough, but with your knowledge and hard work you made it possible for us. Thanks again we really appreciate all that you have done for us and staying on top of everything even small things like inspections and getting involved and making sure its done correctly for us. We really liked the way you communicate with Bank, sba representative and franchise on our behalf. During this process the way you guided us on every step made us beleive in you. We again thank you for getting us financing in the appropriate time frame which you had mentioned to us from begining. We will definately recommend you if some one needs help in getting financing. In future if we ever need help in getting financing, we will surely contact you.
Thank You
Thank You
Hemal Shah
Our Other Projects With This Client
A major differentiator between us and the others is the loyalty of our clients. Here are the other hotels that we financed for this client not to mention a number of referrals that we have received from him.
Holiday Inn Express
Mooresville, NC
Mooresville, NC
CMBS assumption
$7,500,000
Assumption of the existing seller's CMBS non-recourse loan for the buyer
Springhill Suites
Morgantown, WV
Morgantown, WV
Conventional
$11,000,000
Finance the purchase and PIP of two hotels at 80% LTV
Holiday Inn Express
Fredericksburg, VA
Fredericksburg, VA
Conventional
$12,500,000
Finance the purchase and PIP of two hotels at 75% and 80% LTVs
Holiday Inn Express
Stephens City, VA
Stephens City, VA
Conventional
$4,800,000
Finance the purchase and PIP at 80% LTV
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