The COVID-19 pandemic has affected hotels more than other asset classes eligible for CMBS conduit loans. In January 2021, the U.S. hotel industry reported all-time lows in occupancy and revenue per available room (RevPAR), according to yearend 2020 data from STR. In addition, year-over-year declines … [Read more...] about 3.2.21: CMBS Conduit Loan Market Prepares to Close More Hotel Loans
VALUEXPRESS OBTAINS A $5,000,000 SBA 7(a) COMMITMENT FOR A HILTON GARDEN INN HOTEL IN MCALLEN, TX
ValueXpress has arranged a $5,000,000 SBA 7(a) loan commitment for the refinance of the Hilton Garden Inn – McAllen, a 4-story, 104-room interior-corridor property that was constructed in 2000. The property offers a restaurant and lounge, 975 square feet of meeting space, an outdoor pool, an outdoor … [Read more...] about VALUEXPRESS OBTAINS A $5,000,000 SBA 7(a) COMMITMENT FOR A HILTON GARDEN INN HOTEL IN MCALLEN, TX
2.20.21: ACORE Launches $1-Billion Hotel Rescue Capital Initiative
ACORE Capital has formed an investment strategy backed by a group of institutions targeting rescue capital for North American hotel operators to navigate the ongoing health crisis and subsequent debilitating blow to the hospitality industry. The initiative culminated on Tuesday with the company … [Read more...] about 2.20.21: ACORE Launches $1-Billion Hotel Rescue Capital Initiative
2.11.21: Coworking Companies Like WeWork, Industrious Pivot to Thrive Beyond COVID
Despite coronavirus vaccines slowly rolling out, offices and coworking locations around the United States remain largely empty as workers stay home and major employers, including Salesforce and Twitter, announce permanent remote work options for staffers. WeWork has ditched locations around the … [Read more...] about 2.11.21: Coworking Companies Like WeWork, Industrious Pivot to Thrive Beyond COVID
2.5.21: VALUEXPRESS PROVIDES CMBS LOAN SERVICING ASSISTANCE TO CLIENTS
CMBS conduit loans require quarterly and annual financial reporting that must be provided to the loan servicer. In addition, to draw funds from reserves requires substantial documentation for the draw to be approved. Many CMBS borrowers find the reporting requirements a burden and prefer to spend … [Read more...] about 2.5.21: VALUEXPRESS PROVIDES CMBS LOAN SERVICING ASSISTANCE TO CLIENTS
1.31.21: SBA TO PROVIDE DEBT RELIEF TO BORROWERS WITH SBA LOANS
The SBA has directed lenders to advise SBA loan borrowers that they are eligible for debt-relief assistance under the CARES Act. Borrowers in the 7(a), 504 loan or Microloan program are eligible under the following guidelines: For a 7(a) loan, 504 loan or Microloan approved on or before … [Read more...] about 1.31.21: SBA TO PROVIDE DEBT RELIEF TO BORROWERS WITH SBA LOANS
1.25.21: THE SBA INCREASES LENDER GUARANY TO 90% FROM 75% THROUGH SEPTEMBER 30, 2021
On January 28, the SBA announced modifications to 7(a) Loan Program Guaranty percentages to increase the guaranty to 90%. Effective December 27, 2020, and through September 30, 2021, SBA participation (i.e., the guaranty percentage provided by the SBA) is increased to 90%. (See 2. below on Guaranty … [Read more...] about 1.25.21: THE SBA INCREASES LENDER GUARANY TO 90% FROM 75% THROUGH SEPTEMBER 30, 2021
1.13.21: PPP SECOND DRAW LOAN APPLICATIONS ACCEPTED STARTING JANUARY 13
The SBA is accepting Second Draw Paycheck Protection (PPP) loan applications beginning January 13 through select community bank lenders. ValueXpress will be processing Second Draw PPP loan applications immediately for clients through its participating community bank partner, Peoples Bank. Second … [Read more...] about 1.13.21: PPP SECOND DRAW LOAN APPLICATIONS ACCEPTED STARTING JANUARY 13
VALUEXPRESS OBTAINS $3,425,000 SBA 7(a) COMMITMENT TO PAY OFF A CMBS CONDUIT LOAN FOR A DAYS INN HOTEL IN LAREDO, TX
ValueXpress has arranged a $3,425,000 SBA 7(a) loan commitment for the refinance of the Days Inn – Laredo, a 2-story, 126-room interior-corridor property that was purchased and gut-renovated by the sponsors in 2011. The property offers an outdoor pool, exercise room, outdoor barbeque and picnic … [Read more...] about VALUEXPRESS OBTAINS $3,425,000 SBA 7(a) COMMITMENT TO PAY OFF A CMBS CONDUIT LOAN FOR A DAYS INN HOTEL IN LAREDO, TX
1.11.21: PPP FIRST DRAW LOAN APPLICATIONS REOPEN ON JANUARY 11
The SBA is reopening and accepting First Draw Paycheck Protection (PPP) loan applications beginning January 11 through select community bank lenders. ValueXpress will be processing First Draw PPP loan applications immediately for clients through its participating community bank partner, Peoples … [Read more...] about 1.11.21: PPP FIRST DRAW LOAN APPLICATIONS REOPEN ON JANUARY 11