Stonehill, a direct hospitality lender, is actively providing permanent loans, bridge loans, mezzanine loans and preferred equity investments secured by hotel assets. Founded in 2013, Stonehill provides creative finance solutions for acquisitions, recapitalizations, refinancings, and renovations. The principals of Stonehill have combined to originate and structure over $3.0 billion of hospitality debt, and since closing their first fund in 2014, Stonehill has completed more than 80 transactions totaling over $1 billion.
| Programs | Permanent | Bridge | Construction | Mezzanine | Preferred Equity | PACE |
|---|---|---|---|---|---|---|
| Amount | $5 million to $50 million | $5 million to $50 million | $10 million to $50 million | $1 million to $10 million | $3 million to $10 million | $1 million to $50 million |
| Rate | Fixed 4.5% to 6.5% | Fixed or floating 6.0% to 9.0% | Fixed or floating 7.0% to 10% | Starting at 12% | 13% to 20% | Fixed 6.0% to 8.0% |
| Amortization | 20 to 30 years | Interest only available | Interest only available | Interest only or matched to senior loan | N/A | Up to 30 years |
| Purpose | Acquisitions and Refinances (other scenarios considered) | Acquisitions, Recapitalization, Construction Takeout, PIP/Renovation, Conversion, and Gap Financing (other scenarios considered) | Construction | Acquisition, Recapitalization, PIP/Renovation Financing, and Gap Financing (other scenarios considered) | Acquisition, Recapitalization, PIP/ Renovation, CMBS Loan Assumption, and Partner Buyout (other scenarios considered) | New Construction, Renovation, Recapitalization |
| Loan To Value | Up to 75% LTV | Up to 85% LTV | Up to 80% LTV | Up to 85% LTV | Up to 95% LTV | Up to 25% |
| Loan To Cost | Up to 80% LTC | Up to 85% LTC | Up to 80% LTC | Up to 85% LTC | Up to 95% LTC | 25% |
| Loan Term | 5, 7, or 10 years | 2 to 5 years | 3 to 5 years | Matched to senior loan | N/A | Up to 30 years |
| Loan Fee | 0% | 1% to 2% | 1% to 2% | 1% to 2% | 2% | 2% |
| Guarantees | Non-recourse with exception of carve outs | Recourse and non-recourse | Recourse and nonrecourse. Completion Guarantees required | Recourse and non-recourse | N/A | Non-recourse |