Orlando, FL, July 17, 2015 --(PR.com
)-- Fountainhead Commercial Capital recently announced it closed a hotel loan, financing the $8.2 million purchase of an 86-room Comfort Suites, located within walking distance of the University of Illinois Urbana-Champaign campus. Purchasers 1031 EA, LLC financed the acquisition with an SBA 504 loan with plans to complete renovations at the hotel, already underway. Located near the intersection of three interstate highways, the hotel caters to Midwest travelers as well as visitors to the nearby university.
Fountainhead provided the $4,261,382 1st mortgage and the $2,556,796 interim 2nd mortgage as part of this SBA 504 project, allowing the borrower to acquire this hotel with attractive, long-term fixed interest rates at approximately 80% loan-to-cost financing. The SBA 504 loan program provides financing for the purchase of fixed assets, such as real estate, furniture and fixtures.
"We are pleased to assist with the acquisition of this fine hotel property in Central Illinois," said Chris Hurn, CEO of Fountainhead. "The hotel consistently earns high reviews from its guests, and it is expected to remain a valuable asset to the community after renovations are complete and as the University of Illinois continues to grow."
Choice Hotels International, Inc. is one of the world's largest lodging companies. With more than 6,300 hotels franchised in more than 35 countries and territories, it represents more than 500,000 rooms around the globe. The company's Ascend Hotel Collection, Cambria hotels & suites, Comfort Inn, Comfort Suites, Sleep Inn, Quality, Clarion, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge and Rodeway Inn brands provide a spectrum of lodging choices to meet the needs of guests at all levels.
Fountainhead Commercial Capital, a nonbank lender specializing in the SBA 504 loan program, was founded by some of the most experienced and awarded SBA 504 lenders around. The company's FastTrack 504™ program enables banks and credit unions to fully outsource SBA 504 loans for owner-occupied real estate. More information is available by calling 800-770-1504.