South Dakota Hard Money Deal - Active

750

3 deals

No

Rapid City

South Dakota

$2,000,000

$1,500,000

We are seeking a hard money loan of $3.5 million to refinance our existing property and position it for future growth.

This high-traffic location offers excellent visibility and accessibility, situated between two regional shopping districts and just a short drive from Mount Rushmore, other Black Hills attractions, and Ellsworth Air Force Base (home to the new B21 Raider).

We have been outstanding customers of First Interstate Bank since 2001 (never missing a payment). However, due to pending lawsuits, we are currently unable to secure conventional financing. This short-term hard money loan will allow us to:
Pay off our existing note with First Interstate Bank.
Reflag the hotel with Marriott Four Points or Hilton Spark. This brand affiliation will significantly enhance the property's market value and appeal, making it easier to obtain conventional financing once the legal matters are resolved.
Loan Highlights:
Loan Amount: $3.5 million
LTV: +/- 30%
Security: First lien position on the property.
Exit Strategy: Refinance with a conventional loan upon resolution of legal matters and successful rebranding.
No Prepayment Penalty: Pay off the loan in full or make extra payments at any time without penalty.
We have a proven track record of successful hotel management and are confident in our ability to navigate these current challenges. This loan presents a unique opportunity to invest in a valuable asset with a clear path to enhanced profitability.