SAMPLE PROGRAMS

EXISTING HOTELS

  Bridge/Floating Rate Fixed Rate
Amount:  $5 million minimum $5 million minimum
LTV: up to 90% up to 75%
Rate: LIBOR + (200bps to 300bps) or

Prime + (zero to 100bps)

Treasury + (105bps to 145bps)
Term: 2 to 3 years 5, 7, or 10 years
Amortization: Interest Only 30 years
Other:   Can be appropriate for
turnaround or recently opened properties.
Rate increases based on LTV.
Non-recourse, appropriate
for stabilized properties.

TO-BE-BUILT-HOTELS

  Senior            Mezzanine
Amount:  $10 million minimum $5 million minimum
LTV: Up to 70% Up to 90%
Rate: LIBOR + (250bps to
350bps) or
Prime + (zero to 100bps)
LIBOR + (500bps to 900bps)
Term: 2 to 3 years (plus
extensions)   
Same as Senior
Amortization: Interest Only Interest Only
Other:   Completion guarantee
required.
Highly dependent
upon property type, borrower strength.