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Finance for Hotel near Belize City

Monday, December 18, 2017
Borrower   The owners and operators of a 3 1/2 star hotel near Belize City, Belize.
Loan   A $740,000 three year loan at 15% for the first year and 18% thereafter.
Collateral   The main building and beach front of the hotel, together with 16 1-bedroom units and two 2-bedroom units (the rest have been sold as "condos" and are part of a rental pool where the owner receives a portion of the rental income). Each unit has a beautiful and expansive view of the ocean.
Guarantors   The loan is guaranteed by the American owners of the Hotel.
Purpose   They planned to upgrade the furniture in an attempt to get their 3 star rating increased to 4 stars.
Exit strategy   The owners plan to repay us out of proceeds of condominium sales, or from a refinancing of the hotel.
Outcome   The loan was repaid in full.
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