ValueXpress Obtains an SBA 504 Loan Commitment for the Acquisition of a Country Inn & Suites Limited Service Hotel in New Jersey

ValueXpress obtained a $6,950,000 first-mortgage loan commitment from its New York banking partner, Country Bank, in conjunction with an SBA 504 second mortgage for the acquisition of a seven-story, 210-room, limited service hotel constructed in June 2003; the property is located in northern New Jersey. Room mix is 157 standard guest rooms, 42 parlor suites, 2 hospitality suites and 9 Jacuzzi suites; the limited service hotel also includes a large breakfast room, country store, business center, one meeting room, fitness room, indoor pool and a 24-hour shuttle to the airport.  The hotel was developed by a corporate owner.

The transaction was time sensitive as another bank working on the loan was unable to complete the transaction.  Country Bank obtained the green light to work on the loan shortly thereafter and approved the loan in ten days.

“Country Bank is an entrepreneurial partner,” commented Michael D. Sneden, Executive Vice President at ValueXpress.  “The bank is family owned and the decisionmakers are right down the hall from my office.  When they say they will get a deal done, they will. And very quickly.”

This entry was posted in Michael D. Sneden, News & Recent Closings, SBA, SBA 504, SBA Loan Processing, SBA Loans, Valuexpress and tagged . Bookmark the permalink.

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