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April 21, 2010
Scientific Capital arranges a 1.2 million SBA 7a hotel loan for the
acquisition financing of
the Motel 6 Inn in Evansville, Indiana. The hotel was financed at 75% Loan
to Cost (LTC) of just over 1.6MM including 1.325MM of purchase price, PIP
costs, and working capital.
The financing benefited from the ARRA Stimulus funds where the nearly 3%
guarantee fee was waived. The Stimulus funds are extended through the end of the
May 2010 with the hope that
the Senate Bill S.2869 is either approved by then or soon after.
This hotel presents a great value for the investor with a projected CAP of
over 20 within the first year of operations. Most investors are too
focused on bank owned hotels and miss many opportunities such as this
Motel 6 acquired directly from Accor. Although a fair number of bank owned
hotels may prove to be good investments, many of them are falsely viewed
as if owned by a bank, it must be a great
deal.
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Client's review
of our services |
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Dear Ramin:
Your services with unsparing efforts, meticulous follow up and support,
are indeed commendable. Our heartfelt comment is that you stand second to
none in your integrity, diligence and prudence. We have no hesitation in
recommending you strongly to every one in the hospitality industry. All
the Best and see you in Las Vegas at CHI's conference.
Sincerely,
N.V. Kote & V.Shah |
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