Tampa-based Spirides Hotel Finance Company provides hotel financing for hotel owners and developers throughout the United States. This family-owned and operated business arranges mortgages and loans for ground-up construction, acquisitions, debt refinancing, renovations, and other capital projects.
Tampa-based Spirides was introduced to the development team behind the Dunedin hotel project by a local developer and general contractor. As a result, Spirides provided $14 million in construction-to-permanent mortgage financing.
Hotel Construction Loans
Whether you are buying an existing hotel or building one from the ground up, Spirides Hotel Finance Company can arrange mortgages and loans for you. Our professionals have successfully placed mortgages for new ground-up construction, acquisition, debt refinancing, renovation, and other hotel capital projects.
Spirides Hospitality Finance is a Florida-based company that provides hotel financing for hotels throughout the United States. We work with hotel owners nationwide to arrange hotel construction, acquisition, debt refinancing, renovation loans, PIP funding, and mezzanine loan programs.
Commercial mortgage bridge loans are a great way to fund hotel construction and renovation projects. They are typically interest-only for up to three years, have an LTC ratio of up to 85%, and have a lender loan fee of 1% to 2% on a recourse or non-recourse basis.
Hotel Acquisition Loans
Based in Tampa, Florida, Spirides Hotel Finance Company provides mortgages and loans to hotel owners for ground-up construction, acquisition, debt refinancing, and renovation projects. They charge no up-front fees and provide fast execution and excellent terms in the marketplace.
Hotel acquisition loans are generally for purchasing hotels or other hospitality businesses. They typically have favorable rates and terms and no prepayment penalties.
You must submit a complete financial package to the lender when looking for a hotel loan. This includes a business plan, financial statements, and a hospitality resume.
You may also need to present your hotel’s debt service coverage ratio (DSCR), which compares your cash flow to your debt payments. A high DSCR will help your lender understand how much money you can afford to borrow. Conversely, a low DSCR will make qualifying for a hotel loan more challenging.
Spirides Hotel Finance Company provides mortgages and loans to hotel owners and developers across the United States for ground-up construction, acquisition, debt refinancing, and renovation projects. We have loan amounts ranging from $500,000 to $200 million.
Tampa, Florida-based Spirides Hotel Finance Company provided financing for a $14 million hotel development project in Dunedin, Florida, for a local developer and general contractor. The project includes two phases.
Phase 1, a smaller lodging facility known as Grant Street Inn, began construction in April and will be completed this summer. The second phase, 68 units located on Causeway Boulevard, will start construction immediately.
This hotel development enables a Toronto Blue Jays Baseball Club team to have consolidated, quality housing for its players year-round while in Dunedin training at the newly opened Player Development Complex (PDC). The relationship between the Blue Jays and Anderson is similar to the relationship airlines have with hotels near airports, where crews can be guaranteed blocks of rooms that they will need for years.
Hotel Bridge Loans
A hotel bridge loan is a short-term loan that allows you to finance the purchase or development of a hotel without having to pay a sizeable down payment. They are often used to pay for renovations and process improvement plans (PIP) while waiting for long-term financing to become available.
At Spirides Hotel Finance Company, we provide mortgages and loans for hotel owners for ground-up construction, acquisition, debt refinancing, and renovation projects nationwide. Founded by members of the Spirides family, who have owned and operated hotels for 100 years since the 1920s, Spirides provides mortgages to investors in hotel properties with low-interest rates, extended amortization periods, and non-recourse financing.
Spirides Hotel Finance Company also provides mezzanine loans for borrowers seeking capital to fund a hotel’s acquisition, renovation, or refinancing. These mezzanine loan structures can be structured as permanent, non-recourse, or joint venture debt and are backed by limited- or select-service and compact full-service hotel assets.