HOTEL & MOTEL LENDERS
This month’s MWB features lenders offering loans for hotels, motels, resorts and other parts of the hospitality industry. The selected lenders provide loans for properties ranging from small to large for purchase, conversion, refinancing, construction, expansion, remodeling and improvement. Additional hotel/motel lenders will be included in future issues of MWB.
AMERICAN COMMERCIAL MORTGAGE LLC
1350 Promontory Point Drive
El Dorado Hills, CA 95762
Web site: http://www.americancm.com
American Commercial Mortgage is a commercial finance lender offering permanent and fixed rates, interim, mezzanine, and other lending products. Properties include full and limited service hotels and related properties.
The company offers hotel refinancing with the following features and requirements:
* Debt Service Coverage Requirement: Minimum 1.35X to 1 with spreads starting at 235 bps
* Amortization: Full Service, Extended Stay and Limited Service are all eligible for 25-year amortization schedules
* Term of loan available: Generally, 10-year terms, however, loans may be written for a term of as little as 7 years to a maximum of 15 years
* Maximum Loan-to-Value: LTV requirements are 75% of appraised value
* Prepayment restrictions: Loans are subject to being prepaid after the fourth year with Treasury Defeasance (the purchase of matching U. S. Treasury obligations maturing at the original final payment date).
* Loan assumption: Loans are assumable subject to approval for a 1% fee to a qualified borrower
Application Information: Available from the company by request and from the Web site:
AMERICA GLOBAL FUNDING NETWORK
28 E. Jackson Bldg, 10th FL #B782
Chicago, IL 60604
Web site: http://www.businessplansfunding.com/motel_loans.html
America Global Funding Network offers loans for hotels and motels in the range of $200,000 to $10,000,000.
Benefits of the company’s loan programs include:
* Non-Conforming Permanent Financing
* Time: Approval: Within 96 Hours of Application.
* Funding: Within 2 Weeks of Appraisal
* Loan Size: *$200,000 Minimum to $10,000,000 Loan Amount
* LTV: Up to 90% Loan to Value
* Credit: Personal Score of 575 Minimum
* Docs: Minimal – Typically No Income or Asset Verification
* Guarantee: Personal Guarantee Not Required For Loans $200k – $1M
* Terms: Up to 25 Year Amortization Adjustable or Fixed Rate
* Success Fee: 2% of funded amount. If Not Funded, No Fee is Due.
* Amounts vary based on credit and property type.
Application Information: Please contact the company at firstname.lastname@example.org or at the Web site listed above.
AMI CAPITAL INC
7255 Woodmont Avenue, Suite 200
Bethesda, MD 20814-7903
Web site: http://www.amicapital.com
AMI Capital is a full-service direct real estate mortgage lender; provides financing for alt property types and asset categories, including hotel and hospitality industry. Operates throughout the United States. Loan products include loans for purchasing, construction, and rehabilitation of property, as well as for refinance and repurchase.
Application Information: Available from the company by request and from Web site:
ARCS COMMERCIAL MORTGAGE LP
26901 Agoura Road, Suite 200
Calabasas Hills, CA 91301-5109
Web site: http://www.arcscommercial.com
ARCS Commercial Mortgage provides commercial mortgages, construction loans, and additional services. ARCS has 15 branches across the United States. Serves the needs of borrowers for the full range of investment properties including hotels, office buildings, shopping centers, and industrial parks.
Loan programs include fixed rate financing, adjustable rate financing, FHA immediate financing, bridge financing, and mezzanine financing.
Application Information: Available from the company by request and from the Web site: http://www.arcscommercial.com/thinking/anything_else.asp
Phone: 856-429-4951 Fax: 856-795-8817
Barclay Associates offers motel financing in the United States (except Alaska and Hawaii) up to $5 million for purchase, conversion, refinancing, construction, expansion, remodeling and improvement of flag motels and hotels. The company is also known as JS Inc./Barclay Associates.
Loan program features include:
* $500,000 to $5 million loan range
* Up to 85S6 LTV
* Must be a flag motel
* Up to 25 year terms for motel financing
* Nationwide motel financing
* Fully amortizing (no balloons or calls)
* No covenants for motel loans
* 50% minimum occupancy required
* Full recourse required
* Some motel loans are assumable with fee
* Fast approval – often in 10 days
Borrower requirements: Borrowers must be owner operators to qualify for motel loans.
* Borrowers must have “relevant industry experience” as owner
* Motel property must show historic profitability/cash flow
BUSINESS LOAN EXPRBS
645 Madison Ave
New York City, NY 10022
Web site: http://www.alliedcapitalexpress.com/
Business Loan Express is a leading lender to the hospitality industry. Whether you are financing a multi-service, limited-service, or all-suite hotel, Business Loan Express has the financing package to best fit your needs.
Business Loan Express has helped hundreds of hotel and motel operators and owners with the development of creative financing solutions. Our experts understand what it takes for a business to succeed in the hospitality industry in today’s competitive environment, and we work closely with you on all of the financial details.
Use our loan programs to:
* Expand or renovate your existing facility
* Acquire new locations
* Re-brand or co-brand
* Refinance existing debt
Application Information: Available from the company by request and from the e-mail address: email@example.com
CANADIAN MORTGAGE CAPITAL CORPORATION
20 Adelaide St. East, Suite 900
Toronto, Ontario CANADA M5C 2T6
Web site: http://www.cmcapitalcorp.com
Brokerage and advisory services company. The company traditionally places over $500 million of mortgages each year on commercial real estate in Canada, including hotels and related properties. Loans start at $1,000,000 or greater.
Offers land and construction financing; first and 2nd mortgages for debt consolidation; conventional mortgages; mortgages for renovations or new construction available; preapprovals. Private and Commercial mortgages available.
* A proprietary mezzanine fund, DB Mortgage Investment Corp, specializes in high ratio 1st and 2nd mortgages secured by multiresidential and commercial real estate.
* Commercial mortgages include industrial, office, and retail properties.
* Special Use Properties such as hotels, built-to-suit, and mixed-use properties.
Application Information: Available from the company by request and from Web site: http://www.cmcapitalco?.com/ContactUs/
CIT SAAALL BUS. LENDING CORP.
Eastern Region Processing Center Office
1 CIT Dr.
Livingston, NJ 07039
Tel: 1-800-221-7252 Ext. 5161,5148
Web sites: http://www.motelloan.com/
Western Region Processing Center Office
1526 Cole Blvd. Bldg. 3, Suite 200
Golden, CO 80401
Tel: 1-800-525-3343 Ext. 731 or 1-800-713-4984
As one of the nation’s largest providers of Small Business Administration (SBA) loans, we understand the financing needs of hotels and motels. That is why we lend millions of dollars annually to help fuel the growth of hotels and motels around the nation.
CIT Small Business Lending Corporation is an experienced leader in providing SBA government guaranteed loans to hospitality businesses throughout the United States. Our expert focus on local markets ensures convenient, onesource financing solutions, while our technology and systems reduce loan processing time. CIT understands the challenges facing the hospitality industry. Our representatives have the expert knowledge to develop customized solutions best suited for hotel/motel needs.
CIT Offers Flexible and Customized Financing for:
* Property construction and renovation
* Leasehold improvements
* FF&E replacement
* Working capital available in conjunction
* with above
* Terms up to 25 years
* Total financing up to $5.0 million
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