Delayed Purchase Financing of Branded Hotel in Texas

BLC completed a delayed purchase financing of a branded hotel in Texas. The total project was $8,674,000, with BLC providing a $4,290,000 1st mortgage and the borrower coming in with the remaining $4,384,000 balance. The borrower originally purchased the property with all cash a few months prior to closing of the bridge loan, because the seller had a firm closing date and would not extend. The purpose of the loan was to provide cash out back to the borrower in order to pay back money loaned from family and friends in order to purchase the property.