When the time comes to finance the acquisition or expansion of a hotel, members of the hospitality industry turn to MortgageDepot. Our commitment to providing superior service and accommodating the needs of our clients makes us the mortgage broker hotel owners choose when they need money for a project. We have loan officers with years of experience arranging financing for hotels, motels and rooming houses. They understand the unique challenges of the hotel industry and find solutions to overcome them.
A mortgage program for buying or refinancing
Whether someone is in the market to purchase a new hotel property or needs to refinance an existing property, we work with them to finding the financing option and lender best suited to their needs. A MortgageDepot hotel financing expert helps clients find a lender and loan program that meets their objectives.
We guide borrowers through the application, underwriting and approval of the loan. Our dedication to client satisfaction does not end with a loan commitment. A loan officer closely works with all parties to get the loan closed as quickly as possible, so our borrowers can put their financing to good use.
Details of our hotel financing program
Loans are available for acquisitions and refinancing of hotels, rooming houses and motels. Other details of the financing include:
- Maximum loan-to-value ratio is 65% for funding toward a purchase and 60% for refinancing an existing property.
- Maximum loan amount is $3 million.
- Interest-only financing is available.
- Loan options include 5/1 or 7/1 ARMs and 30-year amortized payments.
- Only non-NMLS brokers and commercial brokers accepted.
- Licensing requirements may vary from one state to another.
Borrower’s income is calculated using a 12-month average of the most recent year’s net operating income. The following documentation is also required for underwriting purposes:
- Articles of incorporation with stock certificates for corporations and articles of organization and operating agreements for other forms of business.
- Business banking statements for the most recent three-month period.
- Profit and loss statement.
- Pro forma spreadsheet.
- Narrative business plan.
One of our loan officers will gladly work with borrowers and their staff to meet lender underwriting requirements.
Call MortgageDepot today at (800) 535-0720 to learn more about our hotel lending program. One of our loan officers is always available to show borrowers how MortgageDepot has a loan program for everyone.