ValueXpress Obtains $1,580,000 SBA 7(a) Loan Commitment for an AmericInn Limited Service Hotel in Munising, MI

ValueXpress obtained a $1,580,000 SBA 7(a) first-mortgage loan commitment with its banking partner, Huntington Bank, for the purchase of a 2-story, 62-room limited-service franchised hotel located in Munising, MI and operating under the flag of AmericInn. The property was constructed in 2005.  AmericInn Munising is centrally located in the beautiful Upper Peninsula of Michigan, just miles from the shore of Lake Superior and Pictures Rocks National Lakeshore.  Guests of all ages enjoy the hotel’s Splash Bay Family Fun Center, which includes a relaxing indoor pool, hot tub and sauna.

The AmericInn franchise is a chain of over 150 hotels located primarily in the Midwest that offers a variety of comfortable, quieter room types, including suites with whirlpools and fireplaces.  AmericInn prides itself on its unmatched service and remarkable amenities like free, hot, home-style AmericInn Perk breakfast, free hotel-wide high-speed Internet and Splash Bay Family Fun Center.

“The purchase transaction is for less than the amount owed on the existing SBA debt,” explained Kevin Monahan, a senior loan originator at the ValueXpress northern New Jersey office that orchestrated the loan. “The transaction was complex as we had to get the SBA to agree to take a loss on the existing loan and be willing to guarantee the loan for the new borrower, which it did.”

This entry was posted in Michael D. Sneden, News & Recent Closings, SBA, SBA 7(a), SBA Loans, The Banker's Mortgage Conduit, Valuexpress and tagged , , . Bookmark the permalink.

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