Florida Refinance and Lower Payments

Our GRP Capital Team has closed a Florida hotel refinance, helping our client achieve more affordable, lower payments.

Originally, our client was paying over 11% interest on a previous loan. His new loan brought down the interest rate significantly. However, this was just one good part of the loan. Yes, this new loan includes more affordable monthly mortgage costs. But even better: GRP Capital was able to help structure the loan without our client incurring any fees, including SBA guaranty fees.

Finally, there was one other bonus to this loan. Like many of our hospitality clients, this hotel owner had an SBA Economic Injury Disaster Loan (EIDL). It was very important to our client to be able to retain this loan. The reason: the interest rates were so low and they were fixed. We worked with the lender and advocated on behalf of our client to retain and subordinate this EIDL. This meant that our client would continue making affordable monthly payments on the EIDL, without having to pay it down.

GRP Capital Managing Director Krishan Patel worked closely with the client’s family and our lender. Krishan states, “By closing on this loan, we lowered our client’s annual carrying cost. He is now better positioned for future growth plans. We hope to support him in his future endeavors. He’s setting achievable business goals. I expect him to continue to be profitable and to take on new projects in the near future.”

Refinancing for Lower Payments?

• Interest Rate: The interest rate is the most important component in monthly payments. An amortization schedule will clearly show what you can expect to pay.

•Costs of Refinancing: Knowing the true costs of refinancing is critical. Closing costs can add up. We will help you determine if they are affordable for you. It’s important to understand how long you need to hold a loan in order to make the refinance a good decision. How many months of lower payments will cover these possible costs?

• Handling Your EIDL: If you have an EIDL, this is a very affordable loan. We will advocate for our clients to be able to retain the EIDL per the loan agreement. Typically, we will arrange for our clients to subordinate the EIDL.

Our GRP Capital team specializes in finding the right lender for each project. We save our clients time and money, as we research the best choices for their funding sources. Our experience allows our clients to find funding that is project-appropriate and will allow for sufficient cash flow. Whether you are looking to refinance, purchase or engage in construction, we would love to discuss your business plans with you. If you are considering becoming a first-time (or second or third time!) buyer, we can assist you.