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» $5,000,000 Blanket Hard Money Loan Covers Three Hotels
Property Description:
Three hotels - Comfort Inn, Executive Inn, and Budget Inn - located in CT and NY
Avatar's client needed a bridge loan to purchase and upgrade a hotel to become a Comfort Inn, he turned to Avatar Financial Group. Avatar provided a bridge loan over three separate pieces of properties - two in Connecticut and one in New York. An experienced hotelier, the client had numerous properties in his portfolio. The client and Avatar selected the most appropriate pieces and developed a loan package to provide sufficient funds to make the purchase, the upgrades and set the new property in an advantageous position as a new Comfort Inn in a desirable Connecticut location. By leveraging several flagged hotel properties, the borrower was able to effect the purchase and flagging of the new hotel without significant out of pocket expenses.
Avatar's flexible lending criteria enables us to provide blanket loans over several related properties, even when they are not contiguous. In this case, the properties were not even in the same state.
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