Tiffin, OH, September 10, 2015 --(PR.com
)-- Fountainhead Commercial Capital just announced that the company financed the recent purchase of the Hampton Inn in Tiffin, Ohio by KRSNA Hospitality, LLC. The 65-room hotel sits on 1.82 acres, located at the intersection of U.S. 224 and South State Route 231 south of Tiffin. It is the top rated hotel in the area according to Trip Advisor, and the new owners plan to renovate and modernize the hotel.
Fountainhead provided the $2,175,000 1st mortgage and the $1,522,500 interim 2nd mortgage, comprising 85% of the $4,398,308 project. KRSNA and owner Hemali Patel took advantage of the low rates and favorable terms for owner-occupied commercial real estate offered by Fountainhead and the SBA 504 loan program.
"We enjoyed working with Ms. Patel and her entire, experienced team,” said Chris Hurn, founder and CEO of Fountainhead. “KRSNA is another successful hotel operator that is using the SBA 504 program to grow its corporate portfolio. We wish them all the best.”
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 FastTrack504™ 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.