| 9 – 4 – 13 GSP identified a national capital provider funding Property Improvement Programs and Furniture, Fixtures & Equipment to upgrade flagged hotels to 100% of cost. All flags will be considered. The recourse loan is collateralized by a pledge of partnership interest. 2nd year proforma cash flow is underwritten to an “all-in” 1.25 debt coverage ratio on a 7 year self-liquidating loan. The loan may be interest only the 1st year until the upgrades are in place. Loans from $500,000 to $5,000,000 are fixed at 8%. |
