Hotel/Motel Property Checklist
This checklist is provided for the most commonly required items for Hotel and Motel financing. No two transactions are ever exactly alike, but the following list will provide guidelines for the initial items we will require to begin underwriting. Additional items may be requested or items may not be required. If you are unsure whether an item is applicable to your situation, please contact us to discuss.
Most recent trailing twelve (12) month Income and Expense Statement.
Most recent Smith Travel Research (STR) Report, if available.
Prior Three (3) Year-End Income and Expense Statements for Property.
Summary of Franchise Agreement.
Narrative Description of Property
- Include a full description of the property including age, land size, and improvements including square footage. The best source for this information is an existing appraisal, if available.
Information regarding management contract and company, if separate from borrower.
Copy of Sale Contract if this is a purchase transaction.
If refinancing, provide the original purchase price for the property, and details pertaining to the existing debt including lender, balance and terms including pre-payment terms.
Photos of property, inside and out, electronic preferred.
Survey or Site Plan, if available.
Current Financial Statement for ownership entity.
Prior Three (3) years Federal Income Tax returns for ownership entity.
Current Personal Financial Statement for borrowers with >10% ownership of business.
- Click here to download form, if needed
Prior Two (2) years Federal Income Tax returns for borrowers with >10% ownership of business.
Resume for principals.
Summary of Capital Improvements to property for the past three (3) years, if available.
Current Rates (05/09/2008)
- Apartments 6.00%
- Mobile Home Park 6.10%
- Anchored Retail 6.25%
- Non-Anchored Center 6.25%
- Single Tenant Retail 6.25%
- Office 6.25%
- Industrial / Flex 6.25%
- Self-Storage 6.55%
- Medical Office 5.90%
- Hotel 6.75%
Rates are based on a $2 million loan, 30 year amortization, 10-year fixed rate term.
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