chicago, illinois (PRWEB) April 12, 2012
Clopton Capital, a secondary market commercial real estate lender, is announcing that they are currently seeking hotel loans for non-recourse execution nationwide. Due to a large “bucket” of capital that is ear marked for hospitality lending, they are reaching out to the commercial real estate industry to try to put that capital to work. Loan sizes range from $5 million and up and can be comprised of a single property or portfolio.
Clopton Capital is trying to reach a loan volume of at least $75 million worth of non-recourse hotel loans by June 1, something that should be an attainable goal considering the amount of hotel debt out there that is in need of refinancing. The loan structure is the same as a standard cmbs loan and with fixed rates up to ten years and amortizations up to 30. Currently, the preferred hotel flags include the following; Holiday Inn Express, Holiday Inn, Comfort Inn & Suites, Four Points by Sheraton, Hampton Inn, Sleep Inn, Crown Plaza, Candlewood Suites, any Marriott, Sheraton, Hilton type products., Best Western, La Quinta. Essentially all midscale flags. The economy brands (i.e. EconoLodge, Howard Johnson, Days Inn, etc.) can work as well.
“We hope to make a serious impact with the announcement of this product,” Says Jake Clopton, President of Clopton Capital. “The folks that are going to benefit the most from this are the middle market property owners that are looking for cash outs, refinances, and non-recourse debt. We’ve seen a lot of guys wanting to find non-recourse options for hotels and motels but little execution on the lenders side. Now that we have something that the market has been missing and we are vocal about it, we are expecting to see a significant rise in loan production.”