|DATE OF FUNDING||10-30-2017|
|GROSS LOAN AMOUNT||$3,100,000|
|LOAN TO VALUE||68%|
|NET NOTE RATE||10.95%|
|TERM OF INVESTMENT||12 Months with 6-month Lockout|
$3,100,000 FOR THE REFINANCE OF A COMFORT INN & SUITES IN RIFLE, CO.
The borrowers sought $3,100,000 for the refinance of a Comfort Inn & Suites in Rifle, Colorado. The hotel has 83 rooms, was built in 2009 and is currently being renovated to satisfy the property improvements required by the Comfort Inn & Suites franchise.
The borrower is currently in escrow and expects to sell the property within 2-3 months of completing the improvements.