Lori Tirado, Managing Director of the Largo Hospitality Finance Group, arranged $1.85 million to refinance the existing debt on a Red Roof Inn located near the Piedmont Triad International Airport in Greensboro, North Carolina. The hotel consists of 108 rooms and recently underwent numerous renovations to keep up with the Red Roof Inn’s brand commitment of delivering simplicity and economy without giving up quality. The various interior and exterior upgrades have led to higher occupancy levels, average daily rates increases and continual improvement in RevPar. Lori arranged a 10 year fixed rate loan with a 20 year amortization schedule for the borrower through one of Largo’s Correspondent Life Insurance Companies.
Largo has relationships with 17 correspondent lenders and offers additional lending sources to the marketplace, which will benefit owners and developers of commercial properties providing alternative finance options. Largo offers long-term, non-recourse financing at a competitive fixed rate for its borrowers though its strong network of correspondent lenders.
The Largo Group of Companies is a commercial mortgage banking company that structures, closes and services commercial mortgages for acquisitions, refinances and redevelopment projects. Largo arranges innovative financing structures for borrowers throughout the United States and Canada. We manage the loan process from loan application through closing and service the loan throughout its term.