» $2.8 Million - Hotel - New London, CT
Posted by Loan Closed
Our sponsor was one week from closing on the purchase of a separate hotel when notified that they had exceeded the SBA limit for a single borrower. Our sponsor asked if Avatar could quickly refinance the SBA loan on the sponsors existing Red Roof Inn. Avatar was able to complete the refinance of the Red Roof Inn thus freeing up capacity to take on new debt and allowing the acquisition to continue.
- Loan Amount: $2,800,000
- Potential Broker's Commission: $42,000
- LTV: 65%
- Interest Rate: 9.99%
- Term: 6 months with one 6-month extension