$8,350,000 | Warminster, PA
Owner/operator sought a cash-out refinance for a Holiday Inn Express in suburban Philadelphia.
While he had long been a successful retail franchisee, this was the Sponsor’s first hotel.
The hotel parcel was part of a multi-site condominium, so the Borrower didn’t own the primary access drive.
CHC demonstrated the hotel’s strong competitive position in a high-barrier-to-entry market.
CHC reviewed the condominium documents before going under Application to ensure that the condo structure was financeable.
CHC secured financing from one of its correspondents on a 10-year term with a 25-year amortization at a sub-5% interest rate.