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Scientific Capital arranges 2.7 million for the acquisition of Ramada Inn of Cumberland, Maryland
Financing includes PIP and renovation funds for the conversion of the Holiday Inn of Cumberland to Ramada Inn
The financing that was structured at 77% Loan to Cost included $400,000 of PIP (Property Improvement Plan issued by the franchisor). The high LTC was a significant achievement considering the challenging parameters of this transaction. A challenge of this project was to prove the fact that the conversion from the Holiday Inn to Ramada will not in this market and for this hotel result in loss of income. Scientific Capital was able to provide sufficient data to support this claim.
Scientific Capital Group, Inc. (www.scicap.com)