Why we like this deal?
Construction loan requested to build a 74 room flag hotel on 2.33 acres in Grambling, LA. Facility will have full amenities and include over 2,500 sf of meeting space, business center, fitness center with pool and spa, and restaurant/lounge. Hotel is part of a new 48,300 sf retail development featuring grocery store, pharmacy and retail stores. The city planning and development is fully in support of this project and the jobs it will create.
Borrower has extensive experience with projects of this nature. Resume and past projects in data vault.
The loan to value (LTV) provides a 59.2% cushion of equity.
This opportunity presents an investor with a commercial note at 12% for 2 years, secured by a recorded first mortgage lien or deed of trust on this property.
Why the bank can’t lend
|Loan Term:||2 years|
|Source of Income:||N/A|