Multiple closings don’t happen every day at GRP. But they happened last week. GRP Capital’s Senior Associate Ryan Dumas and our entire team were able to close two loans for two very different clients.
Ryan Dumas excitedly noted, “I was very happy to close two loans in one day for two very different sets of clients. It was the culmination of a lot of work. Our clients will benefit from permanent financing, featuring low interest rates. I loved getting to know these clients and helping them fund their dreams. They are all skillful entrepreneurs and will be maximizing the profit potential of these properties very quickly.”
Multiple Closings for a Variety of Clients:
• Small and Large Properties. Both of these properties had a large number of guest rooms (130 for one and 171 for the other). But we also recently closed an intimate Bed & Breakfast. Our knowledge of the varieties of properties and how they function allow us to give expert advice to our clients and work in tandem with our lending partners.
• Geographic Diversity? Yes! One of these properties was in Florida and the other in Maryland. We have closed loans in most of the United States, working with a national team of lenders from coast to coast and all points in between.
• Franchise vs. Independent: One of these loans was affiliated with a franchise and the other was an independent hotel. We have relationships with franchise networks and know all of the steps that have to be taken to close a loan in concert with the franchise. We also know how to present a loan to a lender for an independent property, even one that doesn’t participate in STR (Smith Travel) reporting.
• Purchase and Refinance: Both purchases and refinances require different processes, but our clients need our expertise in both types of loans. Purchases are typically more complex loans, involving sellers, too. But all loans require us and the lenders to understand the clients’ business goals. Multiple closings happen when we at GRP successfully match our clients with appropriate funding sources. We believe we can match our clients with lenders who believe in our clients’ unique visions.
• Single Owner vs. Multiple Partners: These two loans also had different client makeup. One loan had a single owner while the other loan featured multiple partners. Coordinating with all stakeholders is integral to closing the loan successfully. Streamlined communication and a strong loan processing department allow us to handle multiple closings.
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.