|
March 18, 2010
Scientific Capital arranges a 2 million SBA 7a loan for the refinance of
the Ramada Inn in Phoenix, Arizona. The project was financed at 66% Loan
to Value (LTV) and included financing of the Property Improvement Plan
required by the franchisor. The
purpose of obtaining a refinance was to pay off private notes that were
maturing in 2010 and carried high interest rates. The refinancing will
significantly help the cash flow in this downturned economy.
The refinancing benefited from the ARRA Stimulus funds where the nearly 3%
guarantee fee was waived. The Stimulus program is set to expire in
September 2010 but requires Congress to allocate funds continuously. |
|
