Hotel in Lansing needs financing
We just purchased a Hotel in Lansing for USD 475,000 for 146 rooms, its valuation is at 2 million closing is 30 days from now, we are looking to get financing at 60-70% for 1 year, please email me if you can help arrange something. Thank you nayylinntunn@gmail.com by naylin_481_685 from Lansing, Michigan. Oct 21st 2011
Jamie Nummer (SomersetLendingCorp)
#27 ranked lender in Michigan - 86 contributions
I may have somone that can help you with that. I have made some inquiries in my network and will follow up with you on your email once I have a response.
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
When it comes to financing, your hotel's value is what you purchased it for. Some commercial lenders will give you value from the past two years verifiable financials and tax returns along with a recent commercial appraisal including a phase 1. If you are only looking for a one year term loan private money lenders would be the answer. They will probably lend 55% to 60% of the purchase price.Happy funding, Rudi
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