ValueXpress Provides Loan to Refinance a Days Inn Limited Service Hotel

ValueXpress closed a $1,495,000 first mortgage loan secured by a Days Inn limited service hotel located in Alabama. The 30-year fixed-rate loan carries an interest rate in the low 7% area and is full recourse. The loan was closed through the owner-occupied loan program offered by ValueXpress. The loan does not have an SBA component. The property is a 53-room exterior-corridor property serving a smaller community. The refinancing allowed the borrower to release a vacant land parcel from the loan security for future development of a restaurant facility. In addition, the loan allowed for the recapture of recently completed capital improvements to the property. “We were pleased to be able to provide this financing in a difficult lending environment,” said Jim Brett, who underwrote the loan for ValueXpress, “particularly without any SBA support.”

This entry was posted in Commercial Lending, Commercial Real Estate Loans, The Banker's Mortgage Conduit, Valuexpress and tagged , . Bookmark the permalink.

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