As published by Central Valley Business Times, iBorrow provided a 73-room Holiday Inn Express and Suites with a $7 million loan. The borrower plans to use the money to pay off existing loans and upgrade the property.
Operating results at the Holiday Inn Express have improved over the past year, likely as a result of increased demand from the two large-scale projects that were recently completed nearby: a 1.4 million-square-foot state prison healthcare facility housing 3,000 inmates and employing 2,500 people, and a 431,000-square-foot Tesla manufacturing facility.
“This is a high-quality loan, as the property generates significant cash flow. Despite this, the loan was challenging because the borrower required a quick close and could not wait to obtain traditional financing,” says iBorrow CEO Brian Good.