The subject property is a 143 room interior corridor La Quinta Inn Hotel with an existing, successful full service restaurant on 6.51 acres in Daytona Beach Florida, less then one mile from the newly renovated Daytona International Speedway. ADR rates on average are quite high due to the many popular events at the Speedway. The borrower’s close relationship with La Quinta management and the borrower’s strong reputation, allowed the borrower to get an advantageous price on this corporate owned well-kept property. This will be the 25th commercial property acquired by the borrower and he will exit Rodeo’s loan with a conventional bank refinance. New loan by Rodeo helped borrower acquire the property on time to meet his 1031 exchange requirements.
- 75% Loan to Purchase
- 58% Loan to Value
- Experienced Borrower with 25 Commercial Properties in his Portfolio