Comfort Inn Red Bluff, CA, Taps SBA 504 Refinance Program to Lower Monthly Mortgage Payments With $3.7M Loan From Capital Access Group
San Francisco, CA, May 3, 2017 (Newswire.com) - Capital Access Group (www.capitalaccess.com), a commercial real estate lender specializing in U.S. Small Business Administration 504 loans for growing businesses, recently helped Comfort Inn Red Bluff to obtain $3,690,000 in financing through the SBA’s 504 Refinance Program, which provides borrowers with the cash they need to pay off existing, high-interest debt. The loan will lock in a low, 20-year, fixed interest rate with reduced monthly loan payments, which will help the owners to preserve working capital to invest back into the business.
Comfort Inn Red Bluff is a three-story, 67-room hotel centrally located at 90 Sale Lane, Red Bluff, CA, close to the Sacramento River. The Inn is a gateway to recreational activities in Northern California, and features spacious rooms, balconies, friendly staff, and excellent customer service.
"The SBA 504 Refinance Program allowed us to reduce our monthly payments, and we now have a lower interest rate and a fixed payment for the 20-year term of the loan. Now, we're set, and after 20 years, we'll have everything paid off."
Surat (DJ) Deol, Co-owner, Comfort Inn Red Bluff
“We have a great property with the largest rooms in Red Bluff,” said Surat (DJ) Deol, co-owner, Comfort Inn Red Bluff. “Our rooms are clean, the customer service is outstanding, and we receive excellent reviews from our guests.”
Comfort Inn Red Bluff’s management team wanted to refinance their debt, because they were “facing a huge balloon payment” with their existing commercial mortgage,” according to DJ.
“The SBA 504 Refinance Program allowed us to reduce our monthly payments, and we now have a lower interest rate and a fixed payment for the 20-year term of the loan,” said DJ. “Now, we’re set, and after 20 years, we’ll have everything paid off.”
“The SBA’s refinance program doesn’t get the attention it deserves,” said Claudia Cohen, Senior Vice President, Capital Access Group. “The program allows businesses like Comfort Inn Red Bluff to refinance high-cost commercial real estate debt to obtain affordable, low-interest loans to refinance existing debt. The program can be used for hotels, office buildings, warehouses, and other commercial property. More small businesses should take advantage of this unique program.”
“My hat’s off to Capital Access Group for their amazing work,” said DJ. “They were on top of everything, and they worked closely with us to make sure we met our deadlines and got all of the paperwork in on time. They did a great job.”
About Capital Access Group: Capital Access Group is a leading statewide Certified Development Company based in San Francisco, authorized by the U.S. Small Business Administration to provide long-term, fixed-rate financing through the SBA 504 loan program, which offers 90% financing to business owners for the purchase, renovation, or construction of commercial real estate for their growing businesses. Founded in 1981, Capital Access Group has helped thousands of entrepreneurs grow their businesses and realize their dreams of owning their own buildings. Currently, the SBA 504 interest rate is 4.62%, fully amortized and fixed for 20 years. For more information, please visit www.capitalaccess.com.
Source: Capital Access Group
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