ValueXpress Obtains $1,750,000 SBA 7(a) Loan Secured by a 57-Room Super 8 Hotel in Clinton, MS

ValueXpress has obtained a $1,750,000 SBA 7(a) loan for Hospitality Solutions, Inc., secured by a 2-story, 57-room limited-service franchised hotel operating under the Super 8 franchise. The property was constructed in 2002. The loan allowed the existing 50% owner of the hotel to purchase the remaining 50% ownership position from his partner. In addition, the loan provided capital to complete upgrades to the hotel.

The loan was underwritten by ValueXpress on behalf of a local community bank located in Vicksburg, Mississippi. ValueXpress processed the loan through the national SBA 7(a) office located in Hazard, Kentucky and obtained a 75% guarantee on behalf of the community bank.

“The property owner is a good client of mine,” commented Jay Bhakta, Senior Loan Originator at ValueXpress. “In addition, I have a long-standing relationship with the community bank that will provide the loan. I knew the SBA 7(a) program would be a good fit for both.”

However, the community bank did not have extensive experience in the origination, processing and closing of SBA 7(a) loans, so ValueXpress obtained the SBA Authorization (guaranty) on behalf of the community bank. ValueXpress has done this for a number of community bankers throughout the United States.

 

Advertisements
This entry was posted in Commercial Lending, Commercial Real Estate Loans, Michael D. Sneden, SBA Loan Processing, SBA Loans, The Banker's Mortgage Conduit, Valuexpress and tagged , , , , . Bookmark the permalink.

Leave a Reply

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

WordPress.com Logo

You are commenting using your WordPress.com 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