Maintaining a hotel and making sure it continues running smoothly is quite difficult and even more now that visits and travels are a bit limited. This is why hotels have been relying more on hotel loans than usual since they have allowed them to maintain cash flow, start new projects, and cover all expenses.
Hotel loans are not new and many individuals that are real estate investors or just some trying to find a new passive income and business request them a lot. However, it is not that simple to access them when requesting one from lending institutions like banks, financing groups, pension funds, and similar ones, due to the large number of requirements established and the conditions—if the loan is approved—that do not benefit the person or company all the time.
In Jacksonville and all over Florida, banks—in particular—have added more requirements over the past 12 months due to the number of hotels trying to maintain their finances, and although it makes sense, they have not reduced them when everything got a bit slower with the applications. Also, overall, banks have never been the best option for hotel loans at least since their interest rates are high, they do not offer great amortization, and the period to repay the funds is usually shorter compared to other lenders.
If you are a hotel that is having problems, needs to pay some expenses, wants to start new projects, or just have new ideas in mind, relying on private lending companies is a better alternative. Our company Commercial Real Estate Loan Pros of Jacksonville is one of the few ones throughout the county and state that is able to offer hotel loans and without future borrowers to meet a bunch of requirements during the application.
Instead, we have fewer ones compared to banks and other lending companies, and our terms and conditions will be established based on the specific credit and what you need. On average, our interest rates range from 3% to 10% and we offer amortization as well as longer periods for repayment. Another benefit lies in the fact that we keep our rates fixed. You do not have to expect an increase despite what happens in the future but rather rest assured the interest rates will remain intact over the years until you complete the repayment.
Why Commercial Real Estate Loan Pros of Jacksonville is the best option
In Jacksonville in specific, you will find many private lending companies and particulars willing to offer the same hotel loans. Some of them might even have better terms than us. However, it is a matter of reliability, trust, and trajectory. We have been in businesses for over a decade and during all this time, we have not had problems with any of our clients and we consider ourselves quite competitive, which is an actual fact.
Since we work according to your situation, hotel, needs, and the specific use you will give to the funds we might approve, you access customized attention and benefits that satisfy your needs. Therefore, make sure to trust us your needs, be it acquiring a new hotel, building one, renovating, maintaining cash flow, paying employees, and more.
There are so many areas or regions where we offer these services with most of them being cities.
However, if you need any of these services, you need to contact us. The list below comprises the areas where we offer these services.