We’re ending another great week as yesterday we helped another owner of a small business create wealth by acquiring commercial real estate using our Fountainhead 504 loan program. Our details below provide you with an example of the type of deals we’re doing for others and can do for you and those you know as well.
>>Commercial Brokers/Nonbank Commercial Lenders…if you have any clients who can benefit from using our 504 loan program to create wealth by owning their own commercial property we can help! Contact us today!<<
>>Bankers/Credit Unions … if you can’t get a deal done in-house, reach out to us; don’t risk losing the entire banking relationship to another… we might just be able to help (and we ONLY provide 504 loans). Plus, if we can help, we pay referral fees once you’re on our new FastTrack504™ secondary market platform. Learn more here.<<
Fountainhead is proud to announce that we closed on a $3,697,500 commercial loan for KRSNA Hospitality LLC to acquire a Hampton Inn in Tiffin, Ohio. We provided the $2,175,000 1st mortgage and the $1,522,500 interim 2nd mortgage as part of their SBA 504 project to our borrowers. This project was approximately 85% financing of the total costs, with significantly better terms than were offered from conventional, traditional lenders.
The subject property is a 65 room limited service Hampton Inn located at the junction of Interstate 224 and Highway 231 in Tiffin, Ohio. The hotel has a Trip Advisor rating of #1 and recently received the prestigious Trip Advisor “Excellence Award.” Our Fountainhead 504 loan included funds needed to complete a significant rehabilitation and improvement of the hotel, which will certainly help its new owner maintain and grow their market leading position.
The Fountainhead Team enjoyed working with Hemali Patel, owner and operator of KRSNA Hospitality, who has over 9 years of successful hotel operation experience through her ownership in 3 other hotel properties. We wish Hemali and her team much continued success.