Our client needed a Louisiana hotel loan. He already owned a nearby property and knew the area well. He had been watching this particular hotel, as he perceived that it was underperforming in the market.
GRP Capital was ready to help.
But, because it’s Louisiana, sometimes Mother Nature has her own ideas. In this case, we were processing the loan during traditional hurricane season. Of course, a hurricane swept through the town, but did not damage the subject property. However, it did delay the appraiser being able to get out to the site.
Our client was solid as a rock, however. He understood that you have to be organized and calm during the storms in order to accomplish your goals.
GRP Capital Managing Director Krishan Patel commented, “We were so pleased with our client. He was organized and cheerful. He kept his eye on the prize, getting us documents quickly, discussing loan strategy with us and making necessary changes. It’s hard to be a business owner in the Bayou, but we were excited to close this Louisiana hotel loan.”
How to Get Organized for a Future Loan:
• Gather your tax documents: Make sure you have three years of business and personal taxes, including your W-2’s. Get them electronically from your accountant, to make them easy to submit.
• Meet with your accountant: Tell your accountant that you will be applying for a loan. You will need updated financials and you may need to understand the details of your taxes. Be sure that the taxes you have match the official ones that were submitted. Apply for an extension if it’s time.
• Tell Us Your Goals: GRP Capital want to understand why you need financing. What are your business goals? What will you be using the money for? Why do you think this is the right time to make this decision?
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.