Remington Financial Group, Inc. - (RFG) - Has Access to Over $400M in Hospitality Financing

Remington Financial Group, Inc. - How RFG Can Help Your Financing Needs

The hotel business can present tough challenges for borrowers and lenders alike. It is not uncommon for hotels to require large amounts of capital for renovations, upgrades or expansions, while facing crucial downtime to fully implement those projects. Downtime in the hotel business often translates into lost or reduced revenues, which can impact the ability of a hotel property to secure financing in a timely fashion, or under favorable terms.

Remington Financial (RFG), a firm that specializes in commercial real estate investment, is a friend to the hospitality industry. Remington has a strong history of providing timely financing under favorable terms to hotels with challenging financing considerations.

Remington Financial Group has been at the vanguard in helping borrowers within the hospitality industry meet their needs by securing the financing for projects that are simply too risky or challenging for conventional lenders. Remington has been crucial in bringing financing to challenging projects across the United States. Some examples include:

• RFG was the force behind securing nearly $6.5 million in acquisition and mezzanine financing for a 150-room hotel in Massachusetts owned by one of the leading hotel companies in the world.

• Remington Financial Group helped a hotel brand with more than 1,300 locations throughout the United States, Canada, and Latin America secure $7 million in acquisition financing of two full-service hotels in Georgia.

• A Las Vegas-based hotel and casino turned to Remington to procure acceptable terms on a $19 million bridge and mezzanine financing.

• A 130-room New York hotel that is owned by one of the premier hospitality brands in the world found that RFG was the one who met its needs for the delivery of $13 million in construction financing for a much desired project.

• When a full-service, 375-room hotel in Georgia that is owned by a brand known by travelers worldwide needed $22 million in floating rate acquisition financing, they turned to Remington Financial Group to get them the terms they needed.

• When a real estate investment trust (REIT) and owner of nationally franchised mid-scale and upscale hotels needed to secure $23.5 million in permanent financing, only Remington could fund the loan under terms the REIT could happily accept.

• For the $40 million in portfolio acquisition financing for its properties in Massachusetts, Washington D.C., Maryland, and New York, a large hotel investment company turned to RFG to secure the financing on time and under favorable terms.

• To arrange for $56 million in recapitalization and mortgage refinancing for a portfolio of four hotels in Orlando, Florida, one of the world's top hotel companies turned to Remington Financial Group to provide the financing in a timely manner under terms that were agreeable.

• When a major casino and resort hotel in Las Vegas, Nevada needed $19.5 million in senior and subordinate financing, it was Remington that delivered a finance package that the casino owners found both timely and acceptable.

Remington Financial Group, Inc. - Recent Hospitality Closing.

$3.5 Million 128 Room Hotel

Challenge - The borrowers had an extremely short time frame for closing due to an immediate cash requirement of $3,000,000 for pre development expenses on another project.

RFG's Solution - To accommodate the short time line RFG secured a conditional commitment on a 1 year bridge loan with two 6 month options for $3,500,000 at 6.25% with no prepayment penalty. RFG secured the commitment within 14 business days of origination and closed on the transaction in less than two weeks.

With the borrower's immediate needs addressed, RFG will now look to refinance the $3,500,000 loan, and presently has in place a conditional commitment through a more traditional financing source for $6,700,000.

$4.5 Million Bridge Loan

RFG was able to successfully secure a $4.5 million bridge loan to facilitate the acquisition, renovation, and re-branding of a 249-room full service hotel in Missouri from one of the world's top 15 hotel companies.

By the time Remington Financial Group joined the financing effort, 100 of the hotel's rooms were in such disrepair that they were inoperable, and the hotel had been forced to close due to a variety of electrical and mechanical issues.

The hotel was also facing foreclosure following a default on the first mortgage, and the owner needed rapid closure on the new loan.

Remington was able to quickly gain a solid grasp of the buyer's needs and to secure both a bridge loan and fresh equity financing in the amount of $4.5 million. RFG structured a mutually agreeable deal in which its investor took on a partnership role that allowed the borrower to refinance the existing loan and to direct capital to the renovation and reopening of the hotel property. The lender invested a total of $6 million over an 18 month period and the hotel was sold for over $12 million.