Deal Status

Active

Property Address

Panama City Florida

Requested Loan Amount

$8,600,000

Loan to Value

80%

Loan Term

360 months

Lien Position

1st

Collateral Type

Commercial Property Ground Lease

Exit Strategy

Refinance

Collateral and Loan Details

Commercial Property Type

Hospitality

Hospitality Property Types

Full Service Hotel

Number of Units

84

Current Occupancy

Vacant

Loan Type

Ground-Up Construction

Project Description

My client is building a 84 unit Comfort Inn and Suites in Panama City Beach, Florida. The total project cost would be 10.5 million dollars including land, franchise fees, plans and permits. The clients would be able to put a 20% down payment and they are looking for a 30 year note. Between the general contractor and main operator of the hotel are over 30 years of experience. I have spoken with a Choice Brand consultant who provided the flag approval for this location and their studies show a very strong outlook for this property.

Property Type

Commercial

Residential Property Type

Mixed-Use

Commercial Property Type

Multifamily

Project Phase

Planning

Estimated Costs

$860,000

Have Budget

Yes

Licensed Contractor

No

Will additional properties be collateralized?

No

Borrower Entity

Corporation

Borrower Credit Rating

Excellent

First Name

Eleasha

Last Name

Counts

Phone Number

(800) 905-5340

Company

Patco Capital Funding, LLC

Role

Money Broker

Location

McKinney, Texas

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