T-Max Lending, a provider of creative commercial financing, has finalised a $15.5m commercial loan for a hotel under construction in Charleston, South Carolina, US.
The funding is aimed at supporting the completion of the hotel, which is set to offer a mix of amenities tailored for both leisure and business guests.
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With a three-year term and an 8.9% interest rate, the loan is based on a loan-to-cost (LTC) ratio of around 95%.
This financial support will be used for the construction and interior fit-out of the hotel.
T-Max Lending vice president Jackson Valerie said: “We are excited to play a key role in bringing this new hospitality project to life in Charleston.
“With a strong loan structure and competitive terms, we’re confident this development will contribute to the city’s growing appeal as a top-tier destination for both tourists and business travellers alike.”
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By GlobalDataThe hotel is set to feature guest rooms, various dining options, and entertainment areas. It will also offer a range of facilities, including a swimming pool, a fitness centre, parking, and meeting spaces for business events.
In a related move earlier this year, T-Max Lending financed the transformation of another hotel into a regional shopping mall.
This project, supported by a loan package for both purchase and renovation, is set to become a retail destination with an assortment of stores, entertainment venues, and services, structured over a six-year loan term.
