ValueXpress Closes $1,950,000 SBA 7(a) Loan with 90% Guarantee for a Country Inn & Suites Hotel in Lumberton, NC

ValueXpress closed on a $1,950,000 first-mortgage loan commitment secured by a 57-room limited-service hotel operating under a Country Inn & Suites franchise. The loan was supported by a 90% SBA loan guarantee. The property, built in 1998, is located in Lumberton, NC at Exit 20 of I-95. Lumberton is situated on I-95, 20 miles north of the South Carolina border. The property, adjacent to the exit and easily visible from the highway, is the first hotel encountered at the exit.

The loan was sponsored by Lumbee Guaranty Bank. The borrower arranged for Lumbee and ValueXpress to work together on the refinancing, recognizing that ValueXpress had substantial experience in the origination and packaging of SBA 7(a) loans, while Lumbee could continue to build its long-standing client relationship by sponsoring the loan. Based on the positive experience, Lumbee and ValueXpress are committed to working together on additional SBA 7(a) loans in North and South Carolina.

“ValueXpress and Lumbee did a spectacular job for me,” said Harish Amin, owner of the property. “The existing lender offered me an incentive if I closed this loan by the middle of November and they got it done!” said Amin. “I am grateful to Lumbee and ValueXpress as they saved me a significant amount of money.”

This entry was posted in The Banker's Mortgage Conduit, Valuexpress. Bookmark the permalink.

Leave a Reply

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

You are commenting using your 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