Loan Type : Permanent Refinance
Loan : $1,402,500
A $1,402,500 acquisition loan for the purchase of an un-flagged hotel located in Chadds Ford, Pennsylvania. The 70% loan-to-value mortgage was written as a five-year loan with a 30-year amortization and a fixed interest rate of 4.50%. Though the hotel was underperforming at the time of the purchase and the borrower had plans to perform site work using a portion of the loan proceeds, RPC was still able to secure financing and fund the site work out of the proceeds.