Loan Type : Bridge Loan
Loan : $4,250,000
A $4,250,000 interest-only loan featuring a flooring rate of 6.75%, a 24-month term, and was underwritten at 65% loan-to-cost. RPC identified an “out of market” lender who was willing to fund the renovation and reflagging of the hotel. At the time of closing, the property had little to no cash flow available to service the debt.