We’re not afraid of challenging loans!
When the owner of an Alabama hotel contacted Senior Associate Ryan Dumas, he needed solutions. Previously, the seller had found a buyer and they had found a lender, too. Unfortunately, the lender they chose was not able to take the loan to closing. The buyer and seller were motivated and had a good relationship with one another. As a result, their shared goal was very simple. They wanted to close the loan and not to waste any more time trying to source a motivated, efficient lender.
Ryan, who has extensive experience with challenging loans, worked with the seller and the buyer. He learned about the property and made the case that it deserved funding. Our GRP team quickly obtained a letter of intent from a regional lender. We knew it was important to select a lender who believes in hospitality lending, even under the current economic uncertainties. We closed the loan, which resulted in a new property for our buyer and a closed sale for our seller. Both the seller and the buyer are happy with Ryan and our GRP team and were pleased to finally move in or move on!
This loan took advantage of low interest rates as well as the new SBA program which waives the guaranty fee as well as providing for some mortgage relief.
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. If you are considering becoming a first-time (or second or third time!) buyer, we can assist you.