Dallas, TX -- (ReleaseWire) -- 02/01/2008 -- BMC Capital announced on January 17, 2008, that it originated a $2,720,900 loan for the refinance of Best Western Hotel, a 107-room hotel located at 1525 South Beacon Blvd in Grand Haven, MI
“While other banks and commercial lenders are moving out of Michigan, BMC Capital is stepping up its effort to offer financing in this tough economy and difficult lending environment,” says Chris Burrell, a loan officer at BMC Capital’s Detroit office. “We were able to arrange a 5-year fixed rate on a 65% loan-to-value and amortized over 25 years,” says Burrell.
BMC Capital is the leading lender for small-balance hospitality loans nationwide and anticipates originating at least 150 such transactions in 2008.
About BMC Capital, LP
BMC Capital, LP is the country’s leading specialist for providing multifamily, commercial, owner/user and hospitality mortgage loans in the $500,000 to $5 million range, with funding capabilities up to $100 million per loan transaction. Headquartered in Dallas, BMC Capital has offices around the country and finances real estate in all 50 states.