Chicago-based Clopton Capital has added a hotel construction lending program to its portfolio of commercial real estate capital.
Through a newly formed correspondent relationship, Clopton Capital's hotel construction program will target projects ranging in size from $5 million to $20 million. The company will consider projects in all U.S. markets.
‘This lending product will fill a gap in the real estate capital industry for hospitality projects that is much needed today,’ says Jake Clopton, president of Clopton Capital. ‘There are very few outlets for hospitality construction currently, and those that do exist do not have the versatility or flexibility of ours. We are hoping to take the lead in the hospitality construction finance recovery with the only nationwide, non-Small Business Administration-backed hotel construction finance product that rolls into a mini-permanent non-recourse loan. We are targeting middle market projects with no particular management flag, just good operators with good projects.’