International Hotel Development-Construction Loans
International Hotel Loans
Territory Eligibility: Caribbean, Latin America, Canada, Bermuda & Hawaii
Eligible Loans: Development/Construction, Acquisition, Bridge, Standby Letter-of-Credit
Ancillary Loan: Commercial Letter-of-Credit, Mezzanine, Import & Export LOC Financing.
Collateral LTV: 65-75% with Brick & Mortar 80-85% including land equity..
Loans: $10 to $100 million US
Amortization: 20-30 yrs
Term: 5-8 yrs (Construction Interest Only) Rate Fixed
Prepayments: Loans may be prepaid at any time after the first anniversary of the loan without prepayment penalties
Interest Rate: Credit Market Rate Index with Treasury or LIBOR Index and Loan Margin.
Collateral: First Mortgage on Land, Franchise Hospitality (Hotels), Office, Multifamily, Sovereign Wealth Fund contingency.
Project Contingency: Hotel New Construction General Contractor approved, Franchise Approved with a fully executed Franchise Agreement, Franchise Hotel Management Operator must be assigned to Franchise Hospitality Group.
Loan Process: Completed Loan Application, Title Report, Appraisal, Project Executive Summary, Proposaed Building Plans and Specifications, Cost Projection and Construction Disbursement Schedule, Proof of Funds for Land Investment, Two Years personal and Corporate Tax Returns, Loan Approved within 24 hours Commitment within 3 days.
Submission: Property and area discription, Architectural and drawings/artist rendering, Construction Cost Projection, Schedule of Recent Projects Developed, Overall Project Budget,Projectyed Pro-Forma Project Budget, Borrower's Financial Statement, Tax Return (2 yrs), Project Summary by Narrative, Sources of Funds for Borrower Equity, Appraisal Reports.
Commitment Fee: 1-2%
Exit Fee: 1%