A family owned business with investments in over a dozen hospitality properties located through the southeast requested assistance from Business Lending Partners in refinancing their existing mortgage on the property. The investment property was in a location that had a minimal impact from COVID-19. Occupancy on the property was still strong so it was still a profitable business even though so many hotels were losing money at this time. The existing loan on the property was priced at prime plus with a base rate of 6% so financing was expensive considering prime rate of 3.25%.The owners of this property were looking to refinance and take advantage of a low rates but due to COVID19, there were little to no lenders entertaining investments in hospitality properties.
Within 30 days, our team delivered two bank options, with rates at 4.25%. Comparing these options to their current mortgage at 6%, we were able to save our client $300K dollars over a 4-year period.
Let Us Find A Solution for You
At Biz Lending Partners we share in your success. You are the reason we do what we do. Our experienced advisors have a track record of getting even the most difficult loan funded at the best possible rate and terms. To learn more about the services we could offer you or someone you know follow the link to our homepage so that we can begin working with you today. https://bizlendingpartners.com/