Eleanor Financial arranges $10.5 million loan for the ground-up financing for 87 Room Fairfield Inn and Suites Aransas Pass, Texas
Construction to Permanent
Hospitality owners have numerous capital options for both existing and ground-up projects. Conventional ground-up financing is available but only to strong sponsors. New Construction financing have numerous moving parts and can be a lengthy process towards the first construction draw or ground breaking. In the case of construction to permanent loans, clients actually have two loans. Whereas the SBA 504 program, borrowers will have three loans (Construction, Conventional, Debenture) possibly four loans if the construction lender uses a bridge debenture plus the SBA approval. Many property owners are obtaining attractive long term non-recourse cash-out loans from their existing real estate assets to use for new development and expansion.
EF President Kimberly Kirk states, “Even though ground-up construction financing is the most complex and challenging debt option, it’s the most rewarding for all parties involved. Not only are you helping increase the investor’s portfolio, new development creates jobs in the community both temporary and permanent. For Example ground-up multi-family, developers are improving a family’s life. There’s nothing more gratifying! Construction is a vital part of America’s economic growth. It’s the debt that gets us to the finish-line!”
Founded in 1999, Eleanor Financial Inc. is one of the nation’s largest commercial real estate finance and advisory firms headquartered in Houston, Texas. We work with a broad array of capital providers. Eleanor Financial Inc. arranges financing for transactions ranging from $1 million to $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. We are currently offering long-term non-recourse debt options with leverages as high as 80% and 25-30 year amortization schedules even cash-out available including hospitality. If you need a quick close or in a distressed situation, we have the solution through one of our many bridge lenders. Please call or email us to structure financing for your next transaction.
Eleanor Financial, INC.