| Eligible Collateral |
Stabilized hotel with a track record (at least 6 months performance history), occupancy over 59% |
| Loan Purpose |
Acquisition, refinancing, or asset repositioning |
| Loan Amount |
$3 million to $20 million per asset |
| Loan-to-Value (LTV) |
Loans up to 80% of appraised value (proceeds typically max at 75% loan-to-value/LTV); mezzanine financing layer possible |
| Interest Rate |
Fixed or floating |
| Term |
3 to 10 years |
| Amortization |
Up to 25 years |
| Prepayment Provision |
Options include no pre-pay fee, yield maintenance, declining percentage, or defeasance (depends on loan program) |
| Debt Service Coverage |
Typically 1.40X minimum |
| Eligible Collateral |
Development of new hotel properties or additions to existing facilities |
| Loan Purpose |
Construction-only or construction/mini-perm forward commitment |
| Loan Amount |
$3 million to $20 million |
| Loan-to-Value (LTV) |
Up to 75% of total project costs or 75% LTV of stabilized appraised value, whichever is lower |
| Interest Rate |
Fixed rates are indexed to like-term Treasury or Swap rates and floating rates tied to LIBOR or Prime rate |
| Term |
3 to 5 years |
| Amortization |
Interest-only during construction term, 20-25-year amortization during mini-perm term |
| Prepayment Provision |
Options include no pre-pay fee, yield maintenance, or declining percentage (depends on loan program) |
| Debt Service Coverage |
Typically 1.15X year, 1.25X year 2, and 1.40X year 3 of mini-perm term |
| Experience |
Borrowers should have a strong financial position, hospitality track record, and development experience |
| Eligible Collateral |
Value-added hotel repositioning opportunity |
| Loan Purpose |
Acquisition, refinancing, conversion, or renovation |
| Loan Amount |
$3 million to $20 million |
| Loan-to-Value (LTV) |
Up to 75% of total costs or 75% of appraised value |
| Interest Rate |
Fixed rates are indexed to like-term Treasury or Swap rates and floating rates tied to LIBOR or Prime rate |
| Term |
3 to 5 years |
| Amortization |
Interest-only or 25-year amortization |
| Prepayment Provision |
Options include no pre-pay fee or declining percentage (depends on loan program) |
| Debt Service Coverage |
1.40X at stabilization |
| Experience |
Borrowers should have a strong financial position, hospitality track record, and experience with like value-added projects |
