Comfort Suites, Elkton, MD
Closed September 26, 2013
Lynda Drehmer, Capital Markets Advisor for MBA Capital Funding, successfully arranged the financing for the borrower in a partner buyout of the Comfort Suites, Elkton, MD. The borrower had tried to get a loan on his own, but after several months of applying to various lenders, was not successful and was approaching the maturity date of his current loan. This financing structure is unique because MBA Capital Funding was able to help the borrower take advantage of a huge debt reduction opportunity through a discounted payoff of the original mortgage. The new interest rate and term have reduced the borrower’s monthly payment substantially, and reduced the annual debt service by $200,000. The Comfort Suites was built in 2010, has 83 keys and is a four story, interior corridor hotel. Lynda Drehmer secured financing using an SBA 504 loan structure with a total loan to value ratio of 85%.
“I was very happy to have this loan close that allowed me to buy the quality inn. Lynda and the MBA team kept working right through closing to get some lender concessions needed to make the deal happen. Thanks to them, it closed.”
--AJ Patel, Borrower