We recognize that each mezzanine financing situation is unique not only due to a property's financial track record, but also its future operating goals. In arranging loans for hotels and resorts, we strive to take advantage of market conditions and capitalize on our long standing relationships in the investment community.

To partner our clients with the best investment opportunities, Ramsfield Hospitality Finance structures and arranges loans with the following terms.

Property Types	Full Service, upper-end limited-service hotels, and resorts with values, typically ranging from $10,000,000 to $60,000,000+. Properties financed may undergo significant renovation or repositioning; limited new construction.
Mezzanine Loan Amount	$3,000,000 to $20,000,000+
First Mortgage Loan Amount	Will provide in conjunction with Mezzanine Loan
Maximum LTV/LTC	Up to 90% of the Value of the Property
Earn-Out	Available subject to property performance
Debt Service Coverage	Varies depending on the specific transaction, no minimum requirement
Interest Rate	30-day LIBOR + negotiable spread
Loan Fee	1.0% and higher of the Principal Loan Amount
Exit Fee	0% to 1.0%
Amortization	Varies from Interest Only to 25 Year Amortization, depending on the specific transaction
Final Loan Term	Two to Five years
Extension Options	Additional One Year Terms, typically subject to property performance and payment of an extension fee, to a maximum Final Term of Five years
Collateral	A security interest in the Property Equity, and other collateral customary for a hotel mezzanine loan
Recourse	Typically non-recourse except for standard carve-outs and environmental indemnity
Management Agreement & Franchise Agreement	Typically fully subordinate to the Mezzanine Loan and terminable upon monetary default or foreclosure
Intercreditor Agreement	Require Intercreditor Agreement with first mortgage lender
FF&E Reserve	4% of Revenue funded into an FF&E Reserve account
Prepayment	Prepayable after first year subject to prepayment fee
Lockbox	Lockbox or Springing Lockbox required
Hotel Acquisition Program	Ramsfield will consider select opportunistic hotel acquisitions in prime US and Canadian markets where we can employ our significant renovation, repositioning and finance skills.