Holiday Inn Express – Lodi
This is a upcoming project under acquisition . Plan is to break 2 bigger suits into 4 rooms, giving us additional 2 rooms. Bank will offer 25 year loan at 5.833 pct. $3.22M will be raised (for 10 pct, $322K)
Rehab Details
| Property City: | Lodi |
| Property State: | CA |
***Feb 08, 2019 ***
1) This deal fell thru.
2) Negotiation in progress for refunds
3) This is the last update for this project
***Dec 28, 2019 ***
1) This project is falling through
2) Few issues from buyers side and some issues from sellers side
3) More updates to follow in next status
***Oct 30, 2019 ***
1) Due to loan delays, Lodi is undergoing some negotiations with the seller for time extensions
2) New estimated completion Dec 2nd week
***Sept 11, 2019 ***
1) Bank issues Letter of Intent
2) Final approval awaiting in a week or so.
3) Closing anticipated Mid Sep
***July 29, 2019 ***
1) First bank (SBA) has been delaying quiet a bit. Still working with them.
2) Have engaged another bank (Bank of Stockton) for loan.
3) New target close date Aug 28th.
***June 22, 2019 ***
1) Bank continuing to gather owner’s financial documentation
2) Waiting for Bank’s commitment letter, for closing
***May 18, 2019 ***
1) Gathering Lender requested documents for all partners
2) Gathering Franchise requested documents for all partners
3) Closing delayed to June.
***March 30, 2019 ***
1) Working in progress on acquiring a retail Holiday Inn in Lodi, CA.
2) Loan processing and other due diligence work in progress.
Yajnesh Rai, Owner, Realtor
BRE 01924991