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Downpayment loan needed for currently operational and profitable Flagged Hotel in Arlington, Tx. The hotel has alot going for it, such as location, location, location.
Amount of loan needed: $350,000.00
Term: 3 years
Proposed Interest Rate: 10%
Loan to be amortized over 25 years with a balloon due in three years.
Use of funds: Downpayment and costs.
Hotel has a NOI of $458,000.00 and potential to do $600,000.00 plus per year.
Hotel is operating in the black and will continue to do so. Purchase price is $3,300,000. with seller holding $3,000,000.00 in financing.
Seller wants to sell to undertake a development project. Seller would not be selling for any reason other than this, because hotel is profitable and still has a huge upside that is getting better.
Will entertain Hard Money Loan, Bridge Loan.
Deal can be closed quick once commitment is in hand from lender. Looking to work with Direct Lender, JV Partner, Private Investor. Will work with brokers who can actually perform.
*******SERIOUS INQUIRIES ONLY******
I want to say cool move we all have dreams we all shoot for the stars no matter how small and how large it sure hurts when we cant have our dreams especially when we work 7 days a week pushing dirt to get the rich richer for a dream. I hope that you get some one to help you achieve your goals. i wish America was about about helping each other share the American dream.
Is there any more info you can share? ADR, room count, location, occupancy etc.
The numbers that were in the package on the hotel are not reported accurately. The occupancy according to the management team is at 90% most of the time. The average daily rate I figure at $58.00 a night but is higher because of the way the hotel is flagged.
I also believe the hotel actually does more in income than the seller says it does.
thx can u forward a OM?
I can do that, whats the email address to send it to.