[rdgllc]

Morning all,

I have a client that purchased an independent (non-flagged) hotel last year as part of a business acquisition. It was operational a few years ago and is a historical hotel for the city built in the late 1800s. My hurdles have been that it is currently non-operational in a tertiary market, and it is a non-flagged hotel. Hotel is worth 3.7M and client is looking for a loan amount of 2-2.5M to cover rehab, marketing, and working capital to assist with the relaunch; I have a specific rehab breakdown budget among other documentation. Client already has a contract in place for a long-term room block as well. A bridge loan would be fine, and then it can be rolled into permanent financing later.

I've exhausted all my usual resources for this which has caused me to reach out here. Does anyone have any recommendations for a deal like this? I am fine with co-brokering as long as we don't waste each other's time.

I appreciate any assistance in advance.

[abfunders]

Only 55% LTV hard money? If you can get a couple of fee agreements signed (0.5% and one for us), I have a resource where we can shop this.

[rdgllc]

Only 55% LTV hard money? If you can get a couple of fee agreements signed (0.5% and one for us), I have a resource where we can shop this.

Ideally more but we are trying to make the request modest due to the aforementioned factors. If you could get 80% LTV on a bridge loan, that's of course ideal and would allow the client to do a lot more work to the hotel. I just don't want to be unrealistic. I'm fine with co-brokering if your source can handle a file like this. I'll send you an email now.

[rdgllc]

Morning, anyone else have any recommendations for this kind of property?

[CritonCapital]

I take it you don?t want to go SBA? Although currently non-operational, SBA *can* use a 3-year projection as a means to debt service the loan. Perhaps prior P&Ls of when it WAS running will give the UW a clue of what can be expected once the property is spruced up with the use of funds.

[rdgllc]

I take it you don?t want to go SBA? Although currently non-operational, SBA *can* use a 3-year projection as a means to debt service the loan. Perhaps prior P&Ls of when it WAS running will give the UW a clue of what can be expected once the property is spruced up with the use of funds.

We weren't wanting to go that route at first, but I think SBA may be the only option at this point. I appreciate the insight!

[Jstarr]

Bring a non-flagged, non operational hotel will be difficult, th special use and no debt coverage, does he have collateral?