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Urban Commercial Mortgage provides $3.2MM Loan for a Holiday Inn Express in Katy, Texas
(PRLEAP.COM) Houston, Texas - Urban Commercial Mortgage announced that it originated a $3.2 million loan for the refinance of Holiday Inn Express in Katy, a 62 room hotel located at 22105 Katy Freeway in Katy, Texas.
Timothy Collins, VP Urban Commercial Mortgage, originated the 70% LTV loan, which features a 5-year fixed-rate term with a 25-year amortization. "The borrower wanted a loan with a flexible prepay structure and cash out to finance a new hotel project." says Timothy Collins.
Urban Commercial Mortgage is a leading lender of small-balance Hotel loans nationwide and anticipates originating at least 50 such transactions in 2008.
About Urban Commercial Mortgage
Urban Commercial Mortgage a leading specialist in providing multi-family, retail, commercial, and SBA mortgage loans in the $500,000 to $5 million range. Headquartered in Houston, Urban Commercial Mortgage finances real estate in all 50 States.
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