$1,400,000 Conventional Loan Motel Refinance

513 Capital, a Cincinnati based finance intermediary, is pleased to announce the closing of a $1.4MM conventional refinance loan for a Microtel Inn and Suites in Dayton, Ohio.  The borrowers were seeking to replace floating rate SBA debt whereby the interest rate had climbed to 10% due to interest rate hikes.

513 Capital was able to arrange permanent conventional financing through a regional bank. The 5 year fixed loan featured a 7% fixed interest rate and a 25 year amortization. The borrower is able to refinance with current lender or sell without prepayment penalty. There is also an option to extend for another 5 years at the end of term.

513 Capital specializes in bank, SBA, CMBS, and private commercial real estate funding.

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