30 UNIT HOTEL, VICTORIA, TX.
This hotel has 100% Occupancy, and a consistent positive cash flow!
Borrower is requesting 625K to pay off current loan that is coming due. Borrower owns a 30-unit hotel in Victoria, TX named Crossroads Inn & Suites, which is estimated to be valued at $1M.
He has owned it for approximately 6 years. (Appraisal was ordered and should be delivered very soon) Our borrower’s plan is to have 3 years of financials and operating history in order to refinance to more traditional terms. He currently has 2 years and needs 1 more. He also believes he can refinance in 12 months but wants a cushion of 12 months.
Borrower has good credit and his background check came in ok. Borrower rents the rooms by the month for $1800 and has 100% occupancy all the time. Very good cash flow!