$5.226M HOTEL ACQUISITION
SBA 504 Purchase & SBA 7A Renovations
Libor + 4.00% for 10 years
After refinancing an existing hotel in order to free up SBA eligibility, V³ Lending was able to provide an SBA 504 loan for our client at Libor + 4.00% for 10 years in order to acquire a Fairfield Inn and Suites in Petersburg, VA. V³ also provided an SBA 7A loan for the franchise PIP that was not anticipated initially. The SBA 504 Loan was on an 80% loan to cost of the purchase price while the SBA loan was funding at 100% loan to cost of the PIP.