Hotel financing
Red Roof Inn
Red Roof Inn refinance · Closed in 85 days
- Loan amount
- $3,000,000
- Flag
- Red Roof Inn
- Keys
- 103
- NOI margin
- Above 55%
- Request to closed
- 85 days
- Market
- Charlotte, North Carolina
The story
Six banks. Three documents. 85 days.
Bridge closed a $3,000,000 refinance on a 103-key Red Roof Inn in Charlotte, North Carolina, 85 days from request to closing.
01 · The opportunity
A 103-key Red Roof Inn in Charlotte.
The sponsor needed to refinance a 103-key Red Roof Inn in Charlotte, North Carolina. The loan came in at $3 million, equal to 50 percent of the property’s stabilized value.
Economy flags get dismissed on the first read. This file had the operating record to answer that read: a trailing P&L, an STR report, and a current mortgage statement.
02 · The challenge
A $47 RevPAR is not the whole credit story.
A credit officer sees a $47 RevPAR and starts hedging. That is the usual first pass on an economy hotel, and it is how a clean refinance gets sized off the wrong number.
The hotel runs an NOI margin above 55 percent, a level plenty of upscale select-service properties never reach. The loan sat at half of stabilized value. The work was to put those facts in front of bank desks in a form they could underwrite.
03 · The outcome
$3 million closed in 85 days.
The refinance closed at $3,000,000 on the Charlotte Red Roof Inn. Eighty-five days from request to closing.
Bank financing, at 50 percent of stabilized value, on an economy hotel whose P&L was the credit story.
Request to close85 daysSix competitive bank offers · 50% of stabilized value
Key results
- $3.0M refinance closed on a 103-key Red Roof Inn in Charlotte
- Six banks returned competitive offers
- 85 days from request to closing, at 50% of stabilized value
FinancingFinancing Secured by Bridge
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