A Florida-based developer sought a short-term refinance on their newly constructed hotel in Orlando, FL. COVID-19 significantly dented financial performance and a complex capital stack that included an EB-5 loan made traditional financing difficult.
The sponsor turned to PMC for a short-term loan to pay off their construction debt while they continued to ramp up operations and build a strong track record for permanent financing.
PMC assessed the property on forward-looking financials rather than historical figures and relied on on-the-ground insights to inform their underwriting. Based on a clear understanding of the path forward, PMC provided the sponsor with the runway needed to execute on their business plan.