|
SMALL BALANCE HOTEL |
HOTEL PORTFOLIO |
Eligible Property
|
Flagged Hotel |
Flagged Hotel |
Loan Size
|
$500,000 - $4,000,000 |
$1,000,000 - $25,000,000 |
Amortization
|
25 Years |
25 Years |
Term
|
5, 10 Year Fixed |
3, 5, 7, 10 Year Fixed, Fixed
for Life |
DSCR
|
1.30x last 2 years & interim |
1.20x last 2 years & interim |
Owner's Draw
|
N/A |
N/A |
RECC Origination Fee
|
None |
None |
Loan Security
|
First Lien Only, no secondary
financing |
First Lien Only, no secondary
financing |
Loan-to-Value
|
65% Maximum |
75% Maximum if Self-Managed
70% If not Self-Managed |
Credit Score
|
Min. 600, with no mortgage
lates, public records |
Min. 660, with no mortgage
lates, public records |
Rate Lock
|
60 day lock available for
1% due at time of lock |
60 day lock available for
1% due at time of lock |
Franchise Fee
|
4%-6% of Rooms Revenue |
4%-6%
of Rooms Revenue |
FF&E / Cap Ex
|
4%-5% of Rooms Revenue |
4%-5%
of Rooms Revenue |
Prepayment Penalty
|
5 yr. fixed - 5% for 5 years
10 yr. fixed - 10,9,8,7,6,5,4,3,2,1 |
5 yr. fixed - 5% for 5 years |
Interest Only Option
|
N/A |
N/A |
Deferred Maintenance
|
Health and Safety |
Health and Safety |
Management
|
Minimum 5% Management Fee of
Gross Revenues |
Minimum 5% Management Fee
of Gross Revenues |
Recourse
|
Full |
Full |
3rd Party Fees Collected at
Signed Application
|
$10,000 for 3rd Party Fees
$2,500 Application Fee |
$10,000 for 3rd Party Fees
$2,500 Application Fee |
Processing Fee
|
$2,500 (Covers lender legal, Processing and Docs)
collected at closing |
$2,500 (Covers lender legal, Processing and Docs)
collected at closing |
Assumability
|
1% Fee |
1% Fee |