SteveKnowsLoans is the go-to for those in the hospitality business in need of financing for the purchase or expansion of a hotel. If a hotel owner needs a mortgage broker, they know they can count on us to provide excellent service and work around their schedule. Our loan specialists have extensive experience securing financing for lodging establishments like hotels, motels, and bed and breakfasts. They have an appreciation for the specific problems faced by the hospitality sector and the resources to address those issues.
A home loan plan for funding a purchase or refinancing
We help our clients locate the financing solution and lender that are ideal for their situation, whether they are looking to buy a new hotel or refinance an existing one. A hotel’s financing needs are unique, but a SteveKnowsLoans expert can help them locate a lender and a loan product that works for them.
We help applicants through every step of the loan process, from application to underwriting to final approval. After a loan is approved, our service to you does not stop. To ensure that our borrowers are able to put their funding to good use, a loan officer works closely with all parties to ensure a timely loan closing.
Specifics on our hotel-funded incentive program
You can get a loan to buy or refinance a hotel, a rooming house, or a motel. The financing also includes the following:
- The maximum LTV for funding a purchase is 65%, and the maximum LTV for refinancing an existing property is 60%.
- The most you may borrow is $3,000,000.
- Financing with only interest payments is an option.
- 5/1 or 7/1 adjustable rate mortgages (ARMs) with 30-year amortization periods are available.
- Commercial and non-NMLS brokers are permitted to apply.
- Different states have different licensing requirements.
A 12-month moving average of the most recent year’s net operating income is used to determine the borrower’s income.
The following records must be submitted for underwriting consideration:
- Certificates of Stock and Articles of Incorporation for Corporations, or Articles of Organization and an Operating Agreement for Other Business Structures
- Recent bank statements for the company covering the past three months
- Statement of earnings
- Budget pro forma.
- Business strategy with a story.
- A member of our loan team is happy to assist borrowers and their teams in conforming to the underwriting guidelines set by our lending partners.
Inquire at SteveKnowsLoans.
If you’re interested in learning more about SteveKnowsLoans’ hotel lending program,
Call Steven Jackson at 813-616-9411 now!
One of our loan officers is available at all times to explain the many loan options available at SteveKnowsLoans. Contact us now!
