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We arrange the purchase and PIP loan for

Ramada Inn of Greensburg, Pennsylvania

4.2 million SBA 7(a) loan

Purchase loan of Ramada Inn of Greensburg, Pennsylvania

Scientific Capital arranges a 4.2 million loan for the acquisition of the full service Ramada hotel in Greensburg, PA. The hotel was taken back by the lender in lieu of the foreclosure. Due to the fact that the hotel financials were not available or reliable, Scientific Capital was able to obtain other historical financial information to satisfy the underwriting requirements and to complete the transaction. The choice of the documents as proof of income in these cases depends on the loan program used and the choice of the lender.

In the majority of cases where a hotel is being purchased from a lender, the hotel does not cash flow, does not have historical information, and a lender-hired management company operates the hotel with focused only on keeping doors open until the hotel is sold. To finance any hotel that is owned by a lender, lack of three years of tax returns of the hotel can be compensated by gathering other legal documents from many other sources but at the minimum, the hotel has to be proven to cash flow for the proposed loan amount, probably at an attractive debt coverage ratio which in turn translates to a higher CAP and lower purchase price. It also requires the sponsors to have alternative sources of income and cash flow.

The financing that was structured at 80% Loan to Cost included $650,000 of PIP (Property Improvement Plan issued by the franchisor). The high LTC was a significant achievement considering the challenging parameters of this transaction including the fact that the sponsors were first time hotel buyers.

What our client think of us

We recently closed on the Ramada Greensurg, PA. It was a very complex deal and Scientific Capital Group was instrumental in financing this deal. Ramin Mostaan of SCG was referred to us by Industry leaders and he far exceeded our expectations. He ensured that we were hand held through the entire process. Right from helping us getting our Personal Financial statements prepared in the way the lenders would like to see to getting us ready for the interview with the lenders to finding the right insurance for the property, he helped us through and through.

The deal was complex as the property was bank owned and did not have certifiable Financial statements. He went out of his way to call up the local county office to get the use and sales tax information on the property for the past three years. It was not easy to do that but he made it happen. Getting the Use and Sales tax information was the key  to verify P&L information , which could not be certified by the previous owners.

Ramin was available whenever we had any questions , whether it be weeknights or weekends. He has a very pleasing personality and he always ensured that our interest was protected at all times. It was a real pleasure dealing with Ramin and we would recommend him to anybody seeking Hotel financing.

The highlight of the deal was that it had to be done in 45 days and HE MADE IT HAPPEN well within our time frame by financing not just the property but also the accompanying PIP.

Thanks Ramin and SCG.

Harry Bhavnani

 See the Holiday Inn Express review by this client
 See the Ramada of Cumberland review by this client

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