Our client was referred to by a developer in Houston, Texas who we worked with previously. The client is a Canadian real estate investment company looking to purchase a hotel as well as in Houston, Texas. Due to the covid-19 impact on the hotel industry, the borrower was able to secure a very competitive price on a non-flagged hotel property in the U.S.
How We Helped
Due to Covid-19, almost all lenders are on pause with hospitality finance requests, due to the inherent risk of the hotel industry and travel being shut down/limited around the world.
Our client was able to utilize a Bridge Loan to secure the purchase of the property. Once the Covid situation improves and travel opens back up, the borrower will refinance with a traditional longer term commercial loan. With the discounted purchase price, the more costly bridge loan for a few years made sense. (Also see Can a Canadian Buy a House in the USA?)
|Nationality||Property Value||Loan Amount||LTV||Rate|
|Term||State||Property Type||Purpose||Loan Type|
|2 years with|
|Houston, Texas||Hotel –|