Stuck on Commercial Deal - Hotel $1.5Mil NOI!!! - Posted by Levi Preston

Posted by James Harris on October 21, 2006 at 11:38:31:

Levi, Have you owned or currently own any hotels at this time? If so, I might be able to help you. Drop me a line.

Stuck on Commercial Deal - Hotel $1.5Mil NOI!!! - Posted by Levi Preston

Posted by Levi Preston on October 20, 2006 at 22:31:20:

We found an awesome deal in Orlando one mile from Walt Disney World, Hampton Inn. Sales price is $15.6 Mil with an NOI of $1.5 Mil!

The property is only nine years old with a year-round vacancy rate of 75%.

We have already raised $10 Mil via hard money loan through Third Coast Funding: www.thirdcoastfunding.com
They are loaning us 64% LTV, $10 Mil @ 11.5% interest, 24 month baloon with option to restructure after 24 months.

The Lender will only let me finance another 25%. So we have to find a way to come up with $2.5 Mil to close the deal.

It’s going to be rough but I beleive it can be done!!!

Any advice welcome…

Levi Preston
Seven Star Development
145 Cannon Street
Poughkeepsie, NY 12601
845 249 5408
levi7@artlover.com