LoanGeek Secures $18.75 Million for Complex Hospitality Financing in Myrtle Beach

LoanGeek Secures $18.75 Million in Financing for Complex Hospitality Project



In a notable achievement, LoanGeek, a prominent player in the commercial real estate financing sector, has successfully managed to close an $18.75 million loan for a landmark hotel situated in Myrtle Beach, South Carolina. This significant transaction highlights LoanGeek's prowess in navigating the intricate challenges that often accompany complex financing deals.

Chris Pepe, the CEO of LoanGeek, expressed the challenges encountered throughout the loan closing process, stating, "Closing this transaction required us to navigate a series of complex hurdles—from refinancing seller debt under tight timelines to structuring capex funding for extensive property enhancements." This insight reflects the expertise LoanGeek brings to the table, particularly in scenarios where conventional financing solutions may not suffice.

Over several months, LoanGeek’s team engaged in an extensive collaboration with the borrower along with multiple investors. The aim was to identify a financing strategy that not only met operational requirements but also safeguarded the interests of all parties involved. The ability to successfully close the transaction on budget, despite fluctuating market conditions, underscores LoanGeek's adaptability and commitment to achieving results for their clients.

Key Transaction Details


  • - Loan Amount: $18,750,000
  • - Interest Rate: SOFR + 5.0%
  • - Property Location: Myrtle Beach, South Carolina
  • - Asset Type: Hospitality (hotel)
  • - Loan-to-Value (LTV): 45 percent

Purpose of the Funds


The proceeds from this funding are designated for multiple critical purposes:
1. Paying off seller financing and existing business debt: This essential step helps to streamline the ownership structure and mitigate prior financial burdens.
2. Satisfying outstanding tax obligations: Addressing tax issues ensures compliance and prevents potential financial penalties.
3. Funding $4.25 million in capital expenditures: These funds will be allocated for extensive upgrades and improvements to enhance the property, boosting its value and attractiveness.

About LoanGeek


LoanGeek distinguishes itself with its technology-driven approach to real estate financing. The platform connects borrowers with a variety of capital options nationwide, utilizing sophisticated data analytics and a streamlined process. Their robust network of lending partners enables LoanGeek to provide adaptable financing solutions tailored to both standard and intricate transactions. The company's insistence on both flexibility and thoroughness has established it as a trusted resource in the industry.

For more details about LoanGeek and its offerings, you can visit www.loangeek.com.

In conclusion, LoanGeek’s successful facilitation of this complex loan transaction not only signifies a major step forward for the hospitality project in South Carolina but also reinforces the company's reputation as a leader in navigating challenging financial scenarios. This achievement is a testament to LoanGeek's ability to meet diverse client needs across various market conditions.

Topics Financial Services & Investing)

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