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Existing Hotels
| |
Bridge/Floating Rate |
Fixed Rate |
| Amount: |
$10 million minimum |
$5 million minimum |
| LTV: |
up to 90% |
up to 75% |
| Rate: |
LIBOR + (200bps to 300bps) or
Prime + (zero to 100bps) |
Treasury + (105bps to 145bps) |
| Term: |
2 to 3 years |
5, 7, or 10 years |
| Amortization: |
Interest Only |
30 years |
| Other: |
Can be appropriate for
turnaround or recently opened properties.
Rate increases based on LTV. |
Non-recourse, appropriate
for stabilized properties. |
To-Be-Built Hotels
| |
Senior |
Mezzanine |
| Amount: |
$10 million minimum |
$5 million minimum |
| LTV: |
Up to 70% |
Up to 90% |
| Rate: |
LIBOR + (250bps to
350bps) or
Prime + (zero to 100bps) |
LIBOR + (500bps to 900bps) |
| Term: |
2 to 3 years (plus
extensions) |
Same as Senior |
| Amortization: |
Interest Only |
Interest Only |
| Other: |
Completion guarantee
required. |
Highly dependent
upon property type, borrower strength. |
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