Irvine, CA, March 21, 2010 --(PR.com
)-- Scientific Capital arranges a 2 million SBA 7a loan for the refinance of the Ramada Inn in Phoenix, Arizona. The project was financed at 66% Loan to Value (LTV) and included financing of the Property Improvement Plan required by the franchisor.
Scientific Capital also arranges a 750,000 SBA 7a loan for the re-branding of an independent motel in Lexington Nebraska to an Econo Lodge. The financing structure included paying off an existing private note and a significant Property Improvement Plan required by Choice Hotels.
Both projects benefited from the ARRA Stimulus funds where the nearly 3% guarantee fee was waived. The Stimulus funds are extended as part of the Unemployment Bill through the end of the February 2010 with the hope that the Senate Bill S.2869 is either approved by then or soon after.
S.2869 among other things extends the fee waiver and the 90% guarantee through the end of 2010 but more importantly raises the SBA limit to 5 million. Many hotel loans fall within 2 to 5 million range and raising the SBA limit is probably the most important item in the bill.
Scientific Capital Group, Inc. (www.scicap.com) is a national hotel financing company located in Irvine, California. For further information please contact Ramin Mostaan at 949 477 5000 or email at firstname.lastname@example.org.