Interim Construction Loan/ Permanent Fixed Rate Mortgage
71 Room Flagged Motel Construction
Client came to V³ Lending seeking a construction loan for a flagged motel in Midland, TX. With the majority of lenders not lending on Hospitality properties or construction, V³ found a way to fund the construction and permanent loan for our client.
V³ Lending arranged a $5,360,000 SBA 504 Loan on a 71 room motel to cater to the Oil and Gas boom in the Midland, TX region. The first mortgage is on a 6% fixed rate mortgage on a 20 year amortization while the second SBA CDC portion is on a 4.25% fixed rate mortgage on a 25 Year amortization. The client only injected a 20% down payment as their equity to fund the construction loan.