Select Commercial Funds $1,900,000 Hotel Mortgage Loan

By: Select Commercial Funding
NEW YORK - Jan. 30, 2018 - PRLog -- Select Commercial Funding LLC, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $1,900,000 acquisition loan, for the purchase of a Howard Johnson's hotel located in West Yarmouth, Massachusetts.  The hotel is located in a favorable location in the strong leisure market of Cape Cod, MA.  The property is a budget-oriented, limited service hotel, containing 67 units.  The property contains 34,613 square feet of space, located on 2 stories on a 1.75-acre parcel.  The hotel contains a breakfast dining area, outdoor pool, indoor pool with whirlpool, sauna, game room, lobby workstation, and a vending area.  "This is a typical value-add for our client. Our borrower is able to acquire an older property, use some of our funds for renovation, and quickly generate an increase in value and cash flow" explained Stephen A. Sobin, President and Founder of Select Commercial.

The borrower received a 25-year term and amortization through Select Commercial's SBA lending platform.  "The borrower liked the fact that we were able to underwrite his loan using projection-based underwriting instead of just looking at the seller's tax returns.  We understand small business lending and are proficient when it comes to hospitality lending.  "We understand that a new owner with solid experience can take an older, tired, property and turn it around with hard work and solid management" said Mr. Sobin, adding "This a long-term investment for the borrower and we liked his plans for the property."

The borrower chose Select Commercial for their loan based on Select Commercial's knowledge of the market, their 30+ years of experience and their "A+" rating with the Better Business Bureau.  Stephen A. Sobin negotiated the loan on behalf of the borrowing entity.

About Select Commercial Funding LLC
Select Commercial specializes in apartment building loans, commercial mortgage loans, and business real estate loans nationwide.

About President Stephen A. Sobin
Stephen Sobin formed Select Commercial Funding LLC to offer commercial mortgage banking and real estate capital advisory services on a national basis.  His goal was to become an advocate for his clients and to help them navigate the constant changes facing the banking industry and to assist them by providing access to commercial real estate funds despite the constant challenges facing the capital markets.  The company was founded on the belief that many small to medium sized property and business owners lacked the expertise and capital sources to obtain the best financing options in the $750,000 to $10,000,000 range.  While large real estate companies often have in-house finance professionals, most small to medium sized borrowers do not have the same access to professional advice and sources of funds.  Mr. Sobin focuses on providing those services to this segment of the market.

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Stephen Sobin
Source:Select Commercial Funding
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Tags:Hotel Mortgage, Commercial Mortgage, Hotel Financing
Location:New York City - New York - United States
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