Fast Closing for North Florida Hotel

Our clients wanted to purchase a Florida hotel, but only with a fast closing. The hotel was in a college town and they wanted to capitalize on as much of the football season as they could. Adding to the challenge was a looming government shutdown, which would affect the approval of any government-guaranteed loans.

Krishan Patel, GRP Capital Managing Director, worked closely with the clients and the GRP Capital team to find an appropriate lender and loan product. Krishan noted that “Like many of our clients, this group of partners wanted a fast closing. However, what really helped was the preparedness of the clients and the hard work of our GRP Capital staff. In addition, the borrowers had engaged a strong team of professionals to help with legal work, including negotiations with franchise. All of these elements were critical to actually achieving a fast closing.”

Must Haves for a Fast Closing:

• The right type of project. Construction loans can take longer to underwrite, as can complicated businesses. This loan was for the purchase of an existing hotel with clear, reliable statistics about previous performance. Thus, a fast closing was a doable proposition.
• Type of loan matters, too. A fast closing can be possible for a bridge loan. However, SBA loans can sometimes take longer to underwrite. Understand that lenders and agencies’ timelines may lead the process.
• Responsiveness to lender’s requests. Lenders typically ask for personal financial statements and often proof of global cash flow for guarantors. Be prepared to provide those documents. It is also reasonable for lenders to request tax transcripts, which confirm the accuracy of submitted tax returns. Submitting these documents quickly and cheerfully is the best way to demonstrate good will and trustworthiness.
• Financials and other documents to show previous income and expenses. These can include detailed financial statements (Profit & Loss statements as well as balance sheets), sales tax bills, STR reports (for hotels), as well as any in-house statistics. If you are refinancing a loan, then you should accumulate these documents, with the help of a trusted accountant, if necessary. If you are purchasing a business, the seller or the broker should be able to provide these documents.
• Accurate and thoughtful business plans and projections. Spend some time at the beginning of the loan process creating a strong business plan. This should include not only your projections for future income and expenses. It should also include your ideas for operating and managing the business, including marketing, personnel, financial management and maintenance.
• Engage competent professionals right away. Engage an attorney, even before signing a purchase-sale agreement. Tell your accountant of your loan process, and that you may need more recent financials. If you have had a good experience with a title company in the past, make plans to use them again. If you need a survey, get right on that, as these can take some time.

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Why Choose GRP Capital?

Our GRP Capital team specializes in crafting financing solutions tailored to each client’s unique goals.

Whether you’re purchasing, refinancing, renovating or building from the ground up, our extensive network of lenders ensures you’ll find funding that aligns with your goals and cash flow needs.

Here’s what sets us apart:

• We save you time by researching and identifying the best funding options for your project.
• Our expertise spans various loan products—including non-recourse loans, SBA loans, bridge loans, and conventional financing—so you can navigate even the most complex transactions confidently.
• Beyond lending, we provide strategic guidance on operational decisions that drive long-term business success.