Category Archives: Commercial

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Indiana Multi-Family Refinance

Senior Associate Ryan Dumas is pleased to announce the refinance of a multi-family loan in Indiana.

Our clients, experienced multi-family owners, needed to refinance an existing loan. They were looking for stable financing at competitive prices.

Ryan worked hard with the clients, who were extremely motivated. Fortunately, the clients had also engaged a fantastic on-site manager. She worked closely with the GRP Capital team to provide up to the minute financials and rent rolls, so the loan could close as quickly as possible.

Our clients were extremely pleased with the process. As busy entreprenuers, they particularly liked how GRP Capital breaks down the lender checklists into bite-size to-do lists. The client told our loan processor, “Thank you so much for this email with a simple list”, remarking that other lists from previous lenders can be overwhelming at times. The team also shepherded the clients through the Environmental Site Assessment (which was not done for the original acquisition loan) as well as a necessary survey. As an added bonus, the clients were vacationing near our office during their scheduled closing date, so they were able to pop right in and sign their documents while we notarized. We loved meeting them and their adorable children.

Ryan Dumas stated, “I’m thrilled that we closed this loan for our clients. They are wonderful businesspeople. I’m particularly impressed with how they turned around this property. They own a lovely multi-family product with a very good reputation in a location that needed this type of housing. Our team worked very hard with them, and we hope to help them find more properties in the future.”

Looking for Multi-Family Financing?

• Get your paperwork ready. Lenders will request rent rolls, copies of leases and financials. Keep your files up to date and in good format (where the numbers from the various reports are congruent with each other.)

• Discuss options with our team: Many lenders want to finance multi-family projects. As a result, there are different types of loans that might be applicable for your project. We can explain the benefits of Fannie and Freddie backed loans, conventional loans, SBA Loans (for smaller properties) and even USDA loans for projects outside of metro areas.

• Keep up your occupancy: If you are seeking a refinance, lenders wants to see a healthy occupancy rate. If you are purchasing an underperforming property, the lenders need a strong, clear business plan to rehab and turn around the business.

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 or purchase, 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.

Michigan Hotel Loan Closes

Dominating the market with a new Michigan hotel loan.

That’s what our clients are now doing. Previously they owned another hotel at different price points not too far from this Michigan location. Now the purchase of this new property means they really are dominating the local market. Ultimately, they can now target different customer bases through their marketing and their differentiated rate structures.

This is the third loan closing Senior Associate Ryan Dumas has accomplished for this partnership group. Ryan worked closely with the younger partners, who are next generation hoteliers. To do so, Ryan, along with our management team, provided expert guidance. As a result, this Michigan hotel loan closed with favorable terms. Ryan said, “These clients are experts in running their hotels. However they needed our expertise in loans, especially moving from non-traditional to traditional financing. They have reliable, steady financing now, and they can focus on operational challenges.”

Clearly these clients turn to Ryan and to GRP Capital for their financing needs or for expert business consulting.

Advantages to owning multiple properties in one market:

• You already know the local market. Adding a second property in the geographic area you know means you don’t have to research new markets. Most likely, you already know the demand generators. You also know the typical customer breakdown (corporate, group, leisure, etc.)

• Different Products for Different Customers Offering two different hotel flags means that customers have choices. In addition, marketing can often go further if customers are utilizing franchise loyalty programs. And you can emphasize different aspects of each property to reach a variety of customers.

• Staffing synergy: Staffing can be a challenge. Therefore, multiple properties allow for fuller employment. And management-wise, you do not have to duplicate efforts in terms of supplies, payroll and accounting.

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 or purchase, 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.

Minnesota Hotel Loan Closes Quickly

Our clients are very experienced hotel owners and know the Minnesota market very well. They are excellent managers and are hands-on in all of their properties. But they needed assistance to find a lender willing to close a Minnesota hotel loan quickly. The reason: a 1031 exchange.

They contacted Senior Associate Ryan Dumas in order to complete the purchase of the land and the business at this suburban Minneapolis location.

Ryan worked with our team at top speed to get the loan out to lenders willing to close quickly. Ryan said, “These clients were really organized and ready to make this Minnesota hotel loan happen. We needed them to be extra responsive so we could utilize the 1031 money. It was a smooth closing, and they are owners of another property that will be very profitable under their management.”

1031 Exchange FAQS:

• What’s a 1031? A 1031 is a method by which you can use proceeds of the sale of one investment property for the purchase of another similar type of property. The 1031, however, has a time limit, but it does allow you to defer paying certain types of taxes, typically capital gains.

• Who Should Help Me? You need a competent escrow and title agent, who can handle multiple closings and who can keep the proceeds from the first sale in escrow. It’s very important that the proceeds from the first sale do not come into your pocket but go directly to this third party. We also advise all our clients to hire a knowledgeable attorney for all large transactions, this being no exception.

• How should I prepare? Be ready to provide all of the documents from “your side”. These would include your personal financial statement (which we will help you with). In addition, we’ll need information about other businesses you own (depending on your ownership percentage). Our loan processing team will give you updated checklists multiple times throughout the underwriting process, so we can accomplish what we need quickly.

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 or purchase, 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.

Tennessee Hotel Loan Closes: the New Normal

Perhaps your have heard the phrase: “The New Normal”. But what does it mean?

In the world of finance and loans, the new normal means the current economic climate. This new normal means that conditions can change. Therefore, borrowers and lenders have to be flexible and nimble. Finally, lenders have become somewhat conservative, which can affect the loan process.

Our clients worked closely with Senior Associate Ryan Dumas in order to refinance their Tennessee hotel. Like many hotel owners, they also had more than one mortgage, one of which was modified. In addition, they also had an EIDL (Economic Injury Disaster Loan) from the Small Business Administration. These components all had to be underwritten by the lender. The lenders needed to be reassured that the hotel was currently profitable and would continue to be. Our job was to provide the documents to support this.

Ryan admired the clients and remarked, “They really knew their hotel well and were super organized. Lenders have gotten a little bit picky recently, but this client was ready for all requests. They refinanced their two mortgages and are still paying off their very low interest EIDL. We closed efficiently and the borrowers were able to take a quick vacation to celebrate.”

New Normal FAQs:

• Be organized. If you are considering obtaining a loan for a purchase or a refinance, get your documents in order. Lenders will want to see P&L’s and balance sheets. In addition, some lenders are actually asking for monthly operating expenses particularly for 2021 to show how your business rebounded.

• Global Cash Flow is Key! Do you own multiple companies? Many business owners do. If you are seeking financing, you will have to submit significant financial information for companies that you own 20% or more of. In addition, the lender will want to see that you can afford your many businesses. They will look at all of your profits across all the companies as well as all your outstanding debt.

• Get your accountant on board! When it’s time to find financing, you’ll need a great accountant as a partner. You will need updated financials (even if you typically only receive these quarterly). Also make sure that the copies you have of your tax returns match what was actually filed and are not just drafts. (This has happened multiple times!!!)

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 or purchase, 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.

Georgia Hotel Turnaround: Expert Owner Now in Place

Our East Coast clients, experts in hotel turnaround, were ready for a new business venture. They had been looking at various areas and had been eyeing the I-75 corridor. They were particularly interested in a property that could easily become even more profitable.

These particular clients have become well-known and recognized for excellent customer service. Specifically, they have perfected the art of garnering good online reviews, parlaying this into increased occupancy and market share.

Our clients were familiar with GRP Capital, because they were sellers in a previous transaction. They quickly called Senior Associate Ryan Dumas to tell them about their business plans.

Ryan Dumas really appreciates the hard work and the special attention that these clients give to their hotels. Ryan said, “It was very easy to get a lender excited about this project, once they understood our clients’ strengths. We found them a lender who was willing to take on an undervalued property. The lender believes that the new buyers will be successful in creating a strong, profitable hotel.”

Special Considerations for a Hotel Turnaround:

• Strong Management Resume. If you are considering purchasing an underperforming business of any kind, be able to showcase your business plan. Refine your management resume so it emphasizes your management strengths. Work with our GRP Capital team to create a stronger business plan, which demonstrates how your ideas will translate to higher profit margins.

• Don’t be humble; brag! Be sure that the GRP team and the lenders know what you have done in the past to overcome challenges in owning and managing a business. How have you handled renovations or staffing issues? What about a less than stellar online review? Make sure you have a record of the benefits of the positive actions you took.

• Choose your new business carefully. No matter how strong you are as a manager, not every business can be saved. Let us evaluate a business with you, so we can be sure that there are not endemic issues that will be too difficult to overcome. Our business evaluation services are free.

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 or purchase, 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.

All Weather Focus: Loan Closing No Matter What

Sometimes a loan closing poses unexpected challenges.

Our Florida-based clients were used to Florida weather.

But they weren’t counting on a hurricane during the underwriting process.

GRP Capital stayed focused during the entire loan process , as loan closing was the key to this refinance and partnership buyout.

As it turned out, the property had minimal damage and only suffered from some short-term power outages. The storm, however, delayed the appraisal and Environmental Site Assessment (ESA) reporting. When there are large storms, appraisers and environmental engineers are in high demand.

GRP Capital stayed in touch with the lender, the clients and all of the third party vendors to make sure everybody prioritized this closure.

GRP Capital President Rick Patel worked closely with the clients and the other stakeholders, too. Rick noted, “This loan closing was very important to the client partners. The ownership of the hotel had changed and we needed new financing with correct guarantors. With our guidance, the loan closed in a reasonable time, despite rather challenging circumstances in the region.”

What to do if your Property Has Damage from a storm?

• Communicate with your lender or ask GRP Capital to: Lenders and borrowers are not adversaries, but business partners in a way. Lenders deserve to know if your business has sustained damage, which will affect your bottom line. Lenders can be your advocates. Helpful lenders can suspend payments, extend a loan or even restructure a loan to include repairs that won’t be covered by insurance.

•  Combine storm damage repair with a PIP:  Believe it or not, storm damage can actually be an opportunity. If you have always wanted some renovation, consider the timing. Renovating during repairs might save you money. .

•  Hire an attorney: An attorney can work with your insurance company to protect your interests. He or she will also review any contracts. Most importantly, attorneys will remove any liens that are placed on your property during the repair process.

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 for purchase, refinance and construction loans. Our experience allows our clients to find funding that is project-appropriate and will allow for sufficient cash flow. If you are considering becoming a first-time (or second or third time!) buyer, we can assist you.

Florida Beach Hotel Loan Closes

Our clients were looking for a Florida beach hotel. When this one came on the market, they were ready to pounce. The hotel is on a small island with very few other hotels in direct competition. The clients have retained the current management. However, they have set up new incentives in order to increase occupancy and garner even better online reviews.

GRP Capital President Rick Patel worked closely with the buyers, as well as many other participants in the loan process. These included the insurance agent, the accountant and the various attorneys. Rick stated, “This hotel was a high value property because of its position in a limited marketplace and its potential for profit. With these larger transactions, there are even more details that we needed to be on top of. I was proud of our team for closing the loan as quickly as possible, locking in the interest rate. I know our clients are happy with their new business and are ready to capitalize on their acquisition.”

Issues Unique to Beach Hotel Loans

• Staffing and management : Some beach properties are far from affordable housing and some are not. Be aware that you will have to find staff who can afford to live within commuting distance. Some business owners are even reserving housing for key staff members as an added benefit.

•  What’s the insurance claim history of the property?  Many coastal properties have a history of moderate or even significant damage from storms and flooding. Find out about any recent insurance claims. Make contact with the current insurance agent to obtain a quote and compare that with any from an agent you are currently using. Make sure you factor in the insurance costs when you are evaluating financial statements and expenses.

•  What happens during the off season? Many properties with high tourist occupancy have a high season and a low season. What is the occupancy “out of season”? What can be done to increase occupancy and maintain ADR?

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 for purchase, refinance and construction loans. Our experience allows our clients to find funding that is project-appropriate and will allow for sufficient cash flow. If you are considering becoming a first-time (or second or third time!) buyer, we can assist you.

We Were Rushed; Seller Needed to Close Quickly

Our clients wanted to purchase a Gulf Coast hotel, but they needed to close quickly. The sellers were ready not only to sell, but to purchase another property. Not surprisingly, the sellers needed the proceeds from the sale of this hotel to fund their new enterprise.

GRP Capital was ready for this mission!

GRP Capital Managing Director  Krishan Patel, GRP President Rick Patel and Loan Processor Keren Alpert were in constant communication with each other. The team also worked in tandem with the buyers, the sellers, the attorneys, the lender and the title company. Therefore, the loan was able to close quickly, allowing the sellers to take their proceeds. Even better, the buyers have taken on a very profitable hotel, which is newly renovated and should continue to cash flow nicely for them.

Rick Patel stated, “We really worked diligently as a team to expedite this loan and close quickly. We knew how important it was to the seller and the buyers. We want to do what we can to support the closing process. As a result, the seller and the buyer can preserve their good relationship with each other. We were very pleased with the time frame and the outcome.”

Is it possible to close quickly?

• Is the title report clean? A “clean” title means that are minimal liens on the property. Previous mortgages are perfectly fine, as well as EIDL loans. In addition, there should be no clouds on title, that is nothing should bar a clear chain of ownership. Sellers who wish to close quickly will often ask their attorneys or title company to run a preliminary title report, which can show if there are any issues that need attention. Refinances typically have fewer title issues.

•  Is there a recent survey?  A recent survey will show the borders of the real estate, the building square footage, the elevation and the flood zone. Many title companies and lenders require a recent survey. Unfortunately, in many locales, there is a shortage of surveyors. Therefore, obtaining a survey is a high priority at the beginning of the loan process.

•  Is the business profitable? GRP Capital has definitely closed multiple loans on businesses that are underperforming. In these situations, the buyers are planning to make changes in the facility or the operation of the business in order to turn it around. However, in order to close a loan quickly, a currently cash flowing business is optimal.

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 for purchase, refinance and construction loans. Our experience allows our clients to find funding that is project-appropriate and will allow for sufficient cash flow. If you are considering becoming a first-time (or second or third time!) buyer, we can assist you.

Energy efficient lightbulb

No More Cap on SBA 504 Green Loans

Hot off the presses is this procedural change regarding SBA 504 green loans!

In the past, the SBA 504 green loan program had a $16,500,000 cap. The SBA has announced, that starting in April, they have removed the cap.

Why Is This New Rule Important ?

  • Lifting the cap means that more borrowers can access this funding.
  • No more cap means that Green Loan funding is now available for bigger loans, including construction, acquisition and renovation.
  • The cap removal means that each project has no cap and each borrower has no cap in terms of green loans.

FAQ’s About the SBA 504 Green Loan Program

  • The SBA 504 Green Loan program encourages business owners to be energy efficient and to utilize renewable energy.
  • To be eligible for this funding, you must be creating either more efficiency or transferring your energy consumption to renewable energy in your business.
  • Typically renewable energy must be generating 15% of your energy needs.
  • Energy efficiency must result in utilizing 10% less from non-renewable energy sources.

Matching You with an Appropriate Lender

  • Not every lender has experience with 504 loans including Green loans.
  • Our GRP Capital team already know which lenders are interested in which industries and if they have geographic preferences. We also know which lenders have good reputations and have a high percentage rate of closing loans in a reasonable time frame.
  • Because the 504 program can take a little longer to close, it’s imperative for us to match you with a lender that we both trust.

From Term Sheet to Closing: Understanding the 504 Process

  • Once you have chosen a lender, our team goes into overdrive to get you to closing with a 504 loan.
  • In order to apply for SBA 504 funding, you have to utilize a Community Development Corporation or CDC. The CDC does the initial underwriting and makes sure that the loan will be acceptable to the SBA. We will help you select a CDC.
  • You will also be matched with a senior lender.
  • Our loan processing team, led by Keren Alpert, works directly with the underwriters at the CDC and the lenders as well as other third parties, like appraisers, attorneys, title agents and insurance agents. We know the process all the way until closing.
  • We work directly on your behalf, so you can work on running your business.
Please let us know if you are interested in financing for any of your business projects. Any member of our GRP Capital team would be happy to help you.

Whether you are investing in your first commercial business or expanding your existing portfolio, our in-house experts can help you identify and close on the right loan for your financing needs.
Our primary mission is to provide the most responsive, client-oriented financial services by offering competitive commercial and real estate loan products through a chain of banking and non-banking networks.

From Idea to Closing: The GRP Capital Loan Process

You’ve heard the phrase “the loan process”. What does that even mean to you as a borrower?

We’re glad you asked. Here’s what you need to know!

First Things First: What Is Important to You?

  • Clients come to us by contacting a member of our GRP team, either one of our business associates, our management team or any of our support staff.
  • We consider our first steps like a matchmaking process. First, we need to get to know you. What are the specific goals for your business, what kind of financing are you looking for? How do you envision your business for the short-term and the long-term?

Our Loan Process includes Expert, Personalized Advice

  • Our in-house team will begin to look at your business and your plans. We will ask questions to determine potential roadblocks and evaluate the strength of you and your business as a borrower.
  • Sometimes, we will come back to you with advice to delay seeking financing. We have advised clients to wait for their businesses to show another quarter of profitability. We also have advised clients when we believe that a purchase may be overpriced.
  • If we believe that your business plan looks strong, we will then reach out to our network of lenders to sell your story to them. It’s really important that we advocate for you with the lenders, seeking to find financing that meets your needs.

Matching You with an Appropriate Lender

  • Truly, the GRP Capital “secret sauce” is having relationships with many types of lenders. This is what saves our clients the most time and aggravation.
  • We try to find several lenders so you can choose from among a variety of loans, determining what the most important aspects are (size of loan, type of loan, schedule of repayments, monthly payment, having a relationship with the lender, etc.)
  • We have inside information in many ways, as we already know which lenders are interested in which industries and if they have geographic preferences. We also know which lenders have good reputations and have a high percentage rate of closing loans in a reasonable time frame.
  • Ultimately our lenders know that GRP Capital analyzes all of our potential clients before we begin to search for matching lenders. This analysis saves time for our lenders as they trust our ability to determine the strengths and issues that all of our potential loans have.

From Term Sheet to Closing:

  • Once you have chosen a lender, our team goes into overdrive to get you to closing.
  • Our loan processing team, led by Keren Alpert, works directly with the underwriters as well as other third parties, like appraisers, attorneys, title agents and insurance agents.
  • We work directly on your behalf, so you can work on running your business.
  • Lenders prefer to receive documents that meet their standards, are correct and demonstrate the true nature of the borrowers. Our loan processing team provides that for them.
  • Our clients may take on occasional loans. But our highly experienced loan processing team has seen it all. We can help manage the bumps along the way that can happen and guide you through the steps to take.
  • We know the process all the way until closing. If necessary, we can host closings in our office or support you as you sign documents closer to your home.

What lenders say about us:

“I wish all our clients were GRP Capital clients.”

“You guys rock!”

“They are great to work with and very responsive.”


Please let us know if you are interested in financing for any of your business projects. Any member of our GRP Capital team would be happy to help you.

Whether you are investing in your first commercial business or expanding your existing portfolio, our in-house experts can help you identify and close on the right loan for your financing needs.
Our primary mission is to provide the most responsive, client-oriented financial services by offering competitive commercial and real estate loan products through a chain of banking and non-banking networks.