Refinance, PIP, and Cashout for Hotel with Conventional Loan in Minnesota
Thief River, MN
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.
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.
| Construction loan for the Scottish Inn of Crosby, TX
Rajendra Patel visits us at the 2015 AAHOA
Our Other Financings in Thief River, MN
| Refinance of America Best Value Inn of Thief River
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