Holiday Inn of Hoover financed by Scientific Capital
- Apr. 24, 2014 -
Scientific Capital arranges a 9.5 million loan for the refinance of the full service Holiday Inn hotel in Hoover, AL. The hotel completed construction in 2011 and needed another year or two of operation to reach full stabilization, higher valuation, and lower loan to value making it qualified for any type of financing. A higher loan to value under conventional programs is harder to achieve in our current market. CMBS Conduit loans generally do not go over 70% on hotels and banks in local markets, if not having a portfolio concentration on hotels, generally like to remain at 65% to maximum of 70%. Scientific Capital was able to arrange a loan participated by two regional lenders to reach over 75% loan to value on a 10 year loan with fixed rate in low 4%s. The diligence on the side of the Scientific Capital and the patience and the well organized business structure of the client was key in placing this loan where the search and the negations with the lenders took nearly about the same amount of time as the processing and the closing of the loan.
Scientific Capital Group, Inc. (www.scicap.com)
is a hotel financing advisory and brokerage company established in 2003 in Irvine, California offering services throughout the 50 states. For more information, contact Ramin Mostaan at (949) 477-5000 or email him at email@example.com.