ValueXpress closed a $2,940,000 first mortgage loan in conjunction with a $1,805,000 SBA 504 second mortgage loan utilized to acquire a 77-room interior-corridor property located on Interstate 90 in northeastern Ohio. The property is 2 miles from Lake Erie. The hotel was construction in 1999 and is in excellent condition. The property draws primary demand from business and leisure travelers along I-90. “The transaction was a challenge in that one of the guarantors had no SBA eligibility remaining as the individual had already borrowed funds from the SBA up to the $2-million limit,” Jim Brett, who underwrote the deal for ValueXpress, said. “We worked with all the principals of the borrower and the SBA to craft a solution to create eligibility,” Brett said.
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