GRP Capital is pleased to announce that Managing Director Krishan Patel executed a fast closing on a hotel purchase loan for our Colorado client.
GRP Capital secured a fully amortized, 25-year permanent loan with historically low interest rates. Because the previous note on this property was a Small Business Administration (SBA) 504 loan, time was of the essence. SBA 504 notes can only be paid off on one day per month (typically the third Thursday). We knew a fast closure was critical and were able to close 21 days from LOI to funding. A fast closing also ensured that the this loan was eligible for SBA’s 6-month subsidy. As a result, our clients have no payments for the first six months of the loan.
Patel remarked, “We know these clients very well, as we recently closed another loan for them. When we realized we would only have 21 days to close this loan, we knew we had to work as partners. We used as many of the previous documents we had gathered from our previous work with the client. For their part, our clients were incredibly organized and responsive, turning in documents and information quickly. As a result, the lender was also responsive and quick-moving. We were thrilled that we could accomplish this fast closing, saving our clients six months of loan payments.”
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.