1.27.10: SBA 7(a) Program Helping Hoteliers Refinance Limited-Service Hotel Loans

The SBA 7(a) program is helping limited-service hotel owners refinance their maturing CMBS conduit loans. “I have seen an unbelievable surge in hotel loan requests from new and existing CMBS conduit loan clients,” comments a surprised Jay Bhakta, a ValueXpress loan originator. “Their CMBS loans are maturing, and nobody wants to refinance the properties. So I have taken it upon myself to help my clients by moving the smaller hotel loans into the SBA 7(a) loan program,” said Bhakta. “But the $2-million maximum loan amount is a problem as at least half of the clients have larger loans.” Bhakta hopes the U.S. government’s efforts to increase the maximum loan to $5 million is quickly successful as this would allow over 90% of Bhakta’s clients to utilize the program.

Advertisements
This entry was posted in CMBS, CMBS Conduit Loans, SBA 7(a), SBA Loan Processing, SBA Loans, The Banker's Mortgage Conduit, Valuexpress and tagged , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s