
HIALEAH, FL
$9,000,000
Hotel / Refinance
1st Lien Position
Hialeah, FL
– The Hialeah Ramada was severely damaged during Hurricane Irma in 2017
– The hotel owner was in the process of a substantial rebuild funded by insurance proceeds
– The previous lender wanted to be paid off because their loan would have matured before the hotel was scheduled to be complete
– West Bay’s underwriting allowed them to fund this loan by:
– Talking to insurance experts to verify the policy would completely cover the cost to rebuild
– Hiring a third party to review the budget and verify that it would be sufficient to complete the project
– Visiting the site in person to understand the progress that had been made and to gain a better understanding of what remained to be done