The SBA has simplified the Payroll Protection Loan Program (PPP) forgiveness applications for PPP loans under $50,000. The new 3508S form is only one page. However, with the average PPP loan $150,000, bankers and borrowers want the simplified application limit increased to $150,000 or … [Read more...] about 10.15.20: BORROWERS WANT HIGHER LIMIT FOR SIMPLIFIED PPP LOAN FORGIVENESS APPLICATIONS
Archives for October 2020
According to Trepp, the lodging delinquency rate for CMBS conduit loans in September came in at 23%, while the lodging special servicing rate came in at an all-time high 26%. Both numbers illustrate a sector that is rife with distress and has yet to find a real source of respite. Trepp examined … [Read more...] about 10.10.20: TREPP EXAMINES HOTEL DISTRESS IN THE UNITED STATES
COVID-19 has claimed the landmark Roosevelt Hotel in Midtown Manhattan. The hotel’s owner, Pakistan International Airlines, announced over the weekend that it was shuttering the 19-story, 1,015-key hotel at 45 East 45th Street before the end of 2020 due to a steep drop in demand because of the … [Read more...] about 10.7.20: NEW YORK’S ROOSEVELT HOTEL CLOSING PERMANENTLY DUE TO COVID
ValueXpress has arranged a $945,000 loan from a N.Y.C.-based community bank for the purchase of a 5,000-square-foot industrial building constructed in 1930. The structure will be renovated and converted to mixed-use retail and warehouse space. Both the community bank and the buyer are repeat clients … [Read more...] about VALUEXPRESS OBTAINS $945,000 COMMUNITY BANK LOAN FOR THE PURCHASE OF A 5,000 SF INDUSTRIAL BUILDING FOR CONVERSION
ValueXpress has closed on approvals for over 40 performing loan requests from Master and Special servicers for its hotel clients since June. While each approval has been unique, each approval generally consisted of the following terms: 90-day temporary loan modification during which time … [Read more...] about 10.1.20: YOUR 3-MONTH CMBS FORBEARANCE IS UP. NOW WHAT?
ValueXpress has arranged a $1.5-million SBA 7(a) loan for the refinance of a 50-room exterior-corridor Days Inn hotel located in Carlsbad, New Mexico. The 2-story property was constructed in 1995 and renovated in 2016. The $1.5-million renovation in 2016 included all new rooms and furnishings and … [Read more...] about VALUEXPRESS OBTAINS $1.5-MILLION SBA 7(a) LOAN FOR THE REFINANCE OF A DAYS INN HOTEL LOCATED IN CARSLBAD, NM