ValueXpress closed a $960,000 first mortgage loan secured by a Super 8 limited service hotel located in metropolitan Dayton, Ohio. The 25-year fixed-rate loan carries an interest rate in the 6% area and is full recourse. The loan was closed through the SBA 7(a) program. The property is a 60-room interior-corridor property serving a suburban community in Dayton, Ohio that was purchased by an experienced hotel owner-operator. The property is located in proximity to retail and commercial areas that provide room demand. The transaction was challenging as the seller maintained very poor books and records. Thankfully, the ValueXpress originator on the transaction, Gary Unkel, has an accounting background and was able to re-create the property’s financial statements using Peachtree accounting software. “We were pleased to be able to provide this financing given the lack of detailed financial statements,” Unkel said. “This transaction is another example of what ValueXpress does for its clients.”
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