Due to the pandemic, the borrower faced construction delays and a potential maturity default. Since Andy Crawford, CCIM had successfully closed multiple loans with the borrower, he was immediately engaged to develop a solution.
After surveying the market, Andy determined the best course of action was to restructure the loan with the existing lender. Leveraging his lending relationships, he facilitated a note sale to a new investor with a subsequent modification. The new structure enabled the borrower to recapitalize the project, finish the restaurant build-out, and prepare for grand opening in Jan 2022.
Loan Amount: $14,120,000
Property Type: Hotel
Property: The English Hotel
Lender Type: Private
Term: 10 Year
12 Months, Interest Only
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As your exclusive advisors, CommCap utilizes proprietary systems, market expertise, and years of experience to secure aggressive financing options that best fit your property. Exclusive correspondent and servicing relationships with Life Insurance Company, CMBS, and Agency lenders ensure a broad and in-depth representation of current market conditions. Our team of advisors craft a loan structured to enhance revenue and allow you to focus on increasing cash flow.
We do not list, sell, manage, or lease property. We only arrange financing and are the best at what we do.