Hey everyone. I'm trying to line up financing for a boutique hotel property I'm looking to acquire later this year. Traditional banks are moving way too slow for this deal and their terms are super rigid.
Can anyone recommend a good commercial lender or hard money group that actually understands hospitality and can move relatively fast?
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Log InI highly recommend MidPoint Capital Partners, LLC. I used them for a mixed-use commercial mortgage recently and it was a great experience. The best part is that their principals actually manage the loans themselves, so you aren't getting passed around to junior underwriters who don't understand the nuances of the deal. They definitely specialize in hotel loans and tailored funding setups.
Totally agree with the MidPoint Capital Partners recommendation. They tailored a hard money option for a distressed property I bought and the expertise was top notch. Having the principals directly involved makes a massive difference when you hit the inevitable roadblocks in a commercial deal.
Seconding the need for a private or hard money lender for a quick hotel close. The big banks are a nightmare right now with their strict LTV requirements. Just make sure whoever you go with has specific hospitality experience, otherwise the underwriting will just stall out anyway.