BUY | BUILD | REFI | REHAB
LOAN SOLUTIONS FOR YOUR HOTEL PROJECTS
As a hotelier, your mission is to accommodate your guests graciously. As a business owner, you want the be treated with the same grace and professionalism with which you treat your customers. At Peoples Bank, we work hard to provide a level of service and competency that is worthy of your business. We understand that every borrower and every project is unique. That is why we customize every loan to fit the needs of the project, not the other way around. Our goal is simple: provide the funding you need to help bring your vision to life.
• Up to 25 year amortization and term
• As little as 10% down
• Competitive interest rates
• Flexible loan structuring
• No out-of-pocket expenses
• Flexible down payment options
• Customized loan and deal structures
• Loan amounts up to $5 million
• No prepayment penalties for loans under 15 years
• Ground-up construction
• Restructuring debt
• Purchase or acquisition
• Renovations and upgrades
WE CAN MAKE BORROWING EASIER
With 30 years of SBA lending experience, our extensive experience in hotel construction, acquisition, rehabilitation or restructuring loans
means that we can help you evaluate opportunities and provide the right funding solutions to help you take advantage of those opportunities. We strive to make the process of taking your project from concept to completion as efficient and
straight-foward as possible.
Our three-phase process keeps everybody on the same page.
Our three phases include the following:
Pre-Approval & Proposal
Our hotel lending experts want to hear about your project. Getting to know about you and your goals helps us find the best approach to meet your needs. After a preliminary discussion, your SBA loan officer will send you a loan application. Our SBA personnel will be available to help you with any questions you may have about the application. Once your application is submitted, we review it and make a pre-approval decision within one to two business days. If pre-approved, you will be issued a proposal letter (subject to underwriting) which includes the rate, terms and collateral requirements of your loan request.
Signing and returning your proposal letter starts the underwriting phase of your loan request. Your underwriter will work with our credit team to reach a final loan approval. Our team takes the time to evaluate the details of every project and look for the best approach to find the complex balance between meeting your borrowing needs and the underwriting requirements of our bank and SBA. Depending on how quickly our underwriters receive all needed documentation, we can process most requests in one to two weeks. If approved by underwriting, you will receive a commitment letter from your loan officer outlining the final terms of approval.
The last phase begins when you sign and return your commitment letter. Upon receipt of your signed commitment letter, a hotel loan closing specialist will be assigned to your loan. Our goal is to have your loan closed within 45-90 days, depending on the complexity of the project. We'll be there every step of the way.