A long-time commercial real estate customer turned to our business lending expert Maureen Prochenski to refinance a major transaction. The customer has investments in various Special Purpose Entities (SPEs) to acquire, operate, manage, renovate, finance, and market hotels and other real estate-related entities at First American Bank.
Despite already having significant exposure—the borrower has two current loans with our bank—we were able to craft a solution for them. Because of our long-standing relationship with the parent company, which includes a significant deposit relationship, we were able to go to new heights with this customer: we provided a $5.5M mortgage for a 61% loan-to-value to refinance one of their hotels.
The success of the transaction points to First American Bank’s ability to accommodate the many unique financing needs of customers who build deep, long-term relationships with us.
Discover how our business loan solutions can bring your big CRE vision to life.
