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RFG was able to successfully secure a $4.5 million bridge loan to facilitate the acquisition, renovation, and re-branding of a 249-room full service hotel in Missouri from one of the world's top 15 hotel companies.
By the time Remington Financial Group joined the financing effort, 100 of the hotel's rooms were in such disrepair that they were inoperable, and the hotel had been forced to close due to a variety of electrical and mechanical issues.
The hotel was also facing foreclosure following a default on the first mortgage, and the owner needed rapid closure on the new loan.
Remington was able to quickly gain a solid grasp of the buyer's needs and to secure both a bridge loan and fresh equity financing in the amount of $4.5 million. RFG structured a mutually agreeable deal in which its investor took on a partnership role that allowed the borrower to refinance the existing loan and to direct capital to the renovation and reopening of the hotel property. The lender invested a total of $6 million over an 18 month period and the hotel was sold for over $12 million.
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