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.”

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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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