CHLA Lodging News Sept/Oct 2019

www.calodging.com September/October 2019 15 rural clients have found out utilizing the United States Department of Agriculture’s Business and Industry loan program for qualified projects. As the days of easy money fade away and more developers are competing over the same source of funds, it is important for developers to make themselves a good borrower. Lenders are going to take a look at both the project and its economics as well as taking a hard look at the borrower. With this fact in mind, borrowers need to make sure that they have their financials in order, including tax returns, for submittal to underwriting in a timely manner. Financial statements within 60–90 days old are required for all affiliate entities that a borrower has a 20% or greater ownership stake. This requirement can be quite a task for ownership groups comprised of multiple members with several businesses each. Your strength as a borrower can help to overcome some of the potential development hurdles inherent in new projects. We are seeing projects getting done. The ones that are getting financing are the ones that have borrowers that have played their projects positive attributes to their strength as business owners and developers, with some help from a qualified team, and their mortgage broker.  Hallmark Funding Corporation is a commercial mortgage broker that has specialized in the hospitality industry for the past 20+ years. Our ability to arrange financing for all types of hospitality loans including purchase, refinance, construction and remodeling using many types of loan structures has led us to have clients nationwide while being based in the Sacramento area. Visit our website, www.hallmarkcorp.com for more information. CADRE# 01257730