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%.
“Thank you Lynda, you have been very helpful. I will definitely recommend you to associates, and hopefully we can do business again. Again thank you for all your help.”
--Nilam Patel, independent motel, first-time buyer