Country Inn & Suites, Linthicum, MD
Closed January 2012
MBA Capital Funding arranged financing of $6,600,000 for the purchase of the Country Inn & Suites in Linthicum, Maryland. The final sale price of the hotel was $8,500,000. The deal was arranged by Lynda Drehmer of MBA Capital Funding using a SBA 504 loan structure. The Country Inn & Suites was built in 2005 and has 107 keys. The hotel had absentee owners, was under-performing, and in need of renovations, which made this loan challenging. However, Lynda secured the loan with a local lender who was very familiar with the hotel and the area, and emphasized the borrowers’ long-time success as major hoteliers to gain the lender’s confidence in their ability to turn the hotel around. The interest was fixed on the conventional loan and the SBA loan in second position. The blended rate was in the low five percent range, with an LTV of 25%.
“So glad the loan closed successfully, no doubt due to all the hard work you put into this file. You were a pleasure to work with and I do hope we have the opportunity to work together again soon.”
--Angela, Sr. Closing Officer for a national SBA 504 lender