Remington Financial Group Obtained $58,000,000 in Debt and Mezzanine Funding
Remington Financial Group develops and executes financial structures that turn problematic transactions into closings. Remington began working with a very large group of hotel owners who had difficulty obtaining funding for a new project. The level of difficulty was extremely high. This is often when clients approach Remington – when all other hope is lost to close a transaction.
Aging properties had slipped into bankruptcy while losing their competitive edge to newer hotels that had been developed in the local market. Another challenge with this project was that the property debt was approximately $100MM on a property only with $70MM.
Further contributing to its complexity was that considerable ecological difficulties existed. The court gave Remington Financial Group 30 days to turn in a resolution plan together with commitment for funding. When the borrower involved Remington Financial Group, they had fully planned to give the properties back to their lender, because after 18 months no one else had been able to get them a deal.
This asset was not wanted by the lender. Because of the relationship cultivated with the current lender, Remington was able to ask them to settle the senior financing for less. This caused a tax liability for the borrower that added finances to help cover expenses.
To fix environmental issues, a large amount of money was needed. Remington Financial Group was able to secure mezzanine financing for a very speculative business plan. That solved those needs and the need for additional capital to invest into the properties to help reposition and upgrade the portfolio and to make it competitive within its market.
Remington Financial Group sealed the market rates and gave a fifty eight million dollars finance which helped the owners to retain all of their ownership in emergence of bank cases and properties. The business was completed within 45 days.
The experienced team at Remington develops and executes financial structures that turn problematic transactions into closings.
