Hotel Lenders Needed ASAP

[Kyle Davis]

To all BP members-

I need a little bit of assistance with nailing down a primary lender for the hotel a bunch of investors and I are doing in Minnesota.  My main bank I was going to use isn't panning out.

So here's some of the details to help get a snapshot of where it's at:

1)  Total cost is $3.7-$3.8 million

2)  Hotel is franchised

3)  We have $860k raised so far for a down payment

4)  I have a third-party feasibility study along with a 10 year pro-forma, business plan, sketches for the hotel, and site map.

What we are looking for:

1) Bank that will lend us 80% LTV. Hotel is currently in the middle of being appraised (according to the bank). Hope to have it back by late October.

2)  4.3% interest rate.  Preferred to be locked in for 5 years and total amortization rate over 20-25 years.  Obviously a fixed rate option over 20 years would be even more ideal.

3)  Interest only during construction (8 months) and 1 year of interest only payments in the first year of operation

4)  Limited personal guarantees to the investment group of 100% of their total cash in the project (meaning, if there was a total loss and I put in $100,000....I would lose the original $100,000 and the bank could come after another $100,000).

If anybody has any leads that could help me out with this, that would be so unbelievably helpful!

Kyle