Let’s walk through the steps of financing your hotel, from identifying a lender through closing your loan. Plus, we’ll provide tips and recommendations to help you be prepared, informed, and organized throughout the process.
The information presented and outlined below is provided as a resource to help you obtain financing for your construction, special projects, or emergency needs. The content is updated as new information is provided and emergency resources approved by federal, state, and local governments.
Having to prepare and collect the necessary documentation for a large commercial loan request for your new construction Choice project can be time-consuming and can sometimes delay your financing process. A detailed loan underwriting checklist is available to allow you to begin collecting the documents that a bank will more than likely request during the credit underwriting process for your construction loan.
The downloadable checklist is a generalized list of personal, business, and project-related documents that are normally requested by a lender/financial institution when preparing your loan request for their credit approval process. The loan underwriting checklist is available to you so you can begin to collect the necessary documents in advance so you can cut down on delays in your financing process.
The noted information includes general tips/recommendations to help you better prepare yourself and improve the overall financing process that you will take on to get your construction loan in place for your Choice project.
When it comes to financing options available for the hotel industry, several financial institutions will utilize the SBA (Small Business Administration) and the USDA (United States Department of Agriculture) Rural Development business loan programs that are available through the United States Government.
The government loan programs help facilitate business loans for lenders along with their potential borrowers in order to improve job creation and overall economic development. The SBA and USDA loan programs also provide an opportunity for financial institutions to participate in certain loan requests that they normally could not with just traditional financing; while allowing the potential borrower an opportunity for better financing terms to include lower down payments options.
The information presented and shared is designed to provide resources to assist your hotel in financing special projects and potential improvements to your building and structures. Additional opportunities for financing will be provided as information becomes available.
Vernell Burwell, Choice Project Director Lending and Land Acquisition
Resourceful, highly ethical, Commercial Banking/ SBA /Conventional Loan Professional with extensive experience in Finance, Franchise Development, and Management. Proven track record in business development, Banking and lender prospecting, transaction structuring, product cross-selling, and customer relationship management. Cultivates and manages national banking relationships across industries and property types. With over 20 years of industry experience as a top revenue-producing financial professional who does not easily take “no” for an answer.
Vernell Burwell can also facilitate your needs when it comes to lender resources. You may contact her by submitting your question(s) below or you can review our frequently asked questions on financing and financial assistance programs.