Orlando, FL, July 19, 2015 --(PR.com
)-- Fountainhead Commercial Capital today announced it closed a hotel loan, financing the $4.6 million purchase of a 118-unit Country Inn & Suites in the Baymeadows area of Jacksonville for BDS Hotel Investments Inc. The company financed the purchase with an SBA 504 loan and plans to renovate the hotel, located just off I-95 and south of downtown Jacksonville.
Fountainhead provided the $2,717,500 1st mortgage and the $1,902,250 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 85% loan-to-cost financing. The SBA 504 loan program provides financing for the purchase of fixed assets, such as real estate, buildings and machinery.
"We are pleased to assist BDS and the Bal family with this exciting acquisition," said Chris Hurn, CEO of Fountainhead. "The hotel has a great location and reputation, and the Bal family plans to improve it with the help of our 504 loan. They will soon be bringing tremendous value to the Jacksonville hotel market."
Country Inn and Suites is part of the Carlson family of hotel flags. There are over 470 locations of this upper midscale brand. Carlson is a family-owned hospitality and travel company franchising some of the world's most recognizable brands including Radisson, Park Inn, and others.
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 at www.Fountainhead504.com or by calling 800-770-1504.