Refinancing a Hotel & Cashout
with Conventional Loan
Wingate by Wyndham Newell, WV
With the PRIME still remaining high, many hoteliers attempted to refinance their USDA or SBA 7(a) loans with a conventional loan. This is one of the many such refinances Scientific Capital arranged in the past year where the USDA B&I loan was refinanced with a $3.35 million conventional bank loan at a 20 year full amortization (i.e. matures in 20 years) with $840K of PIP/renovation funds sufficient cash out for all the fees and expenses. This refinance drops the rate from the 9.5% by more than 2% and the monthly payment by $3K in spite of the additional PIP fund and the cash out.
What Our Client Thinks of Us
Ramin has been absolutely fantastic from start to finish. He guided us with our loan package and followed up with care. We got a better rate and a great introduction thanks to Scientific Capital. When there were delays no fault of theirs he diligently resolved the issues proactively. I would highly recommend Ramin and his team.
Sonny Patel
Chief Operating Officer
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