Hotel Financing - Question on Terms - Mid-tier City on West Coast
Wondering if anyone on this sub has insight into current hotel financing terms? LTV would be between 60-70% and property is about 6 months from stabilization. Appreciate any insight that folks have, I'm trying to get a ballpark rate and amortization, assume there would be recourse to ownership. I deal primarily in office and don't have many connections in this space.
[{"id": "iwtfn0r", "text": "Depends on multitude of factors. For starters, institutional or private debt? \nHow long have they owned the property? \nApprox. loan size?", "replies": [], "depth": 1}, {"id": "iwun170", "text": "You\u2019re looking at SOFR+600 as a floor for 60% LTV. Could be higher depending on a number of factors. Would probably need mezz to get up to 70% which will be very expensive (1000+ spread).", "replies": [], "depth": 1}, {"id": "iwv4e17", "text": "CMBS is active on Hotel. Spreads are probably 300 bps over the 10 year. Max LTV is 60 to 65% (if flagged). Loan amount minimum of $4 million. PM me if you want to discuss", "replies": [], "depth": 1}, {"id": "iwwd53j", "text": "Messaged you", "replies": [], "depth": 1}, {"id": "iwxe9ut", "text": "Boutique or flagged? Long term perm or bridge? Price? Is this an acquisition, refi? Loan amount? Average occ rate? Anyway I have a stable of lenders for hospitality private, mainstream, etc.", "replies": [], "depth": 1}]