ValueXpress obtained an $8-million first-mortgage loan commitment through participation by two commercial banks, Community National Bank, headquartered in Great Neck, NY, and First Trade Union Bank, located in Hauppauge, NY. Community National took the lead with a $5-million piece, and First Trade … [Read more...] about ValueXpress Obtains $8-Million Loan Commitment for a Holiday Inn Express Hotel in Maspeth, NY
Archives for October 2018
ValueXpress Closes $1.8-Million SBA 7(a) Loan, Saves Borrower’s “Life”
K.K. Patel was moved to tears as he explained that Jay Bhakta and ValueXpress “saved his life,” by negotiating a discounted pay-off (DPO) and arranging an SBA 7(a) loan to finance the DPO. “I have my life savings invested in this hotel,” explained K.K. “Without Jay I would have lost … [Read more...] about ValueXpress Closes $1.8-Million SBA 7(a) Loan, Saves Borrower’s “Life”
ValueXpress Obtains $4.5-Million Loan Commitment for an Independent Limited-Service Hotel in Baltimore, MD
ValueXpress obtained a $4.5-million first-mortgage loan commitment with its NY banking partner, Country Bank, for the purchase of the fee interest in a 12-story, 97-room interior-corridor limited service hotel originally constructed in 1984 and operated as an independent. The property is located in … [Read more...] about ValueXpress Obtains $4.5-Million Loan Commitment for an Independent Limited-Service Hotel in Baltimore, MD
ValueXpress Closes $4.5-Million Loan for an Independent Limited Service Hotel in Jamaica, NY
ValueXpress closed a $4.5-million first-mortgage loan commitment with its New York banking partner, Country Bank, for the purchase of the fee interest in a 72-room interior-corridor limited service hotel originally constructed in 2006 and expanded in 2008-2009 (re-opened January 2010) operating … [Read more...] about ValueXpress Closes $4.5-Million Loan for an Independent Limited Service Hotel in Jamaica, NY
10.3.18: Land Leases Are Okay in CMBS
Land leases are financeable in CMBS as long as the land lease meets certain criteria. First, CMBS lenders prefer that the land lease payment be fixed or have modest escalation of the lease term. In addition, lenders prefer that the term of the ground lease be significantly longer than the term of … [Read more...] about 10.3.18: Land Leases Are Okay in CMBS
ValueXpress Obtains $4,000,000 Fannie Mae Loan Approval
ValueXpress obtained a $4-million Fannie Mae loan approval from its Fannie Mae partner to refinance a 168-unit Class B apartment community property on a 22-acre site that was built in 1975 by the borrower, Cordoba LLC. The property is located in Hampton, VA. The loan will repay a short-term loan in … [Read more...] about ValueXpress Obtains $4,000,000 Fannie Mae Loan Approval
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. … [Read more...] about ValueXpress Obtains $1,580,000 SBA 7(a) Loan Commitment for an AmericInn Limited Service Hotel in Munising, MI