HIALEAH, FL

$9,000,000

Hotel / Refinance

1st Lien Position

Hialeah, FL

– The Hialeah Ramada was severely damaged during Hurricane Irma in 2017

– The hotel owner was in the process of a substantial rebuild funded by insurance proceeds

– The previous lender wanted to be paid off because their loan would have matured before the hotel was scheduled to be complete

– West Bay’s underwriting allowed them to fund this loan by:

– Talking to insurance experts to verify the policy would completely cover the cost to rebuild

– Hiring a third party to review the budget and verify that it would be sufficient to complete the project

– Visiting the site in person to understand the progress that had been made and to gain a better understanding of what remained to be done

 

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