Biz2Credit Funds New Acquisition for Hospitality Business
Deepak Varma, owner of New London Hospitality, has been in business for over one year. With almost 18 employees and 1.5 Million in revenue, his recent closing on a Clarion Inn located in New London, Connecticut was well deserved!
The idea for New London Hospitality was sparked from Verma's previously successful foray into the hotel business world.
"I have been in the hotel business for a little while now," says Verma. "In addition to that, I have also gotten involved in gas station ownership over the past two years.".
When looking for a prospective lender for small business loans, Deepak did consider going the traditional route. However, he changed his mind upon reaching out to Biz2Credit and learning that the small business loan matchmaker was more than capable of funding acquisitions faster than a bank.
"My ultimate goal was to acquire the new property as soon as possible," says Verma. "However when I approached the bank, I learned that there would be a longer timeline in terms of receiving the funds. That's when I turned to Biz2Credit."
Verma is glad that he did, because Biz2Credit was able to get him the financing he needed in only 10 days!
"If I had gone the traditional route, this transaction would not have closed until Fall 2017," says Verma, elated. "It is still the Summer, and so as a hotel owner I can benefit from all of the families that are taking Summer vacations, cashing in on those seasonal revenues us hospitality entrepreneurs often thrive on."
When asked how likely it would be that he would refer a friend or colleague to Biz2Credit, Verma gives it a 100%.
"If you are looking for a CRE Bridge Loan, go with Biz2Credit," he says. "It's a great company, and the team moves fast to get you the funds you need. I am definitely glad that I turned to Biz2Credit, and have several new projects with them in the pipeline that need small business loans."
When asked how likely it would be that he would refer a friend or colleague to Biz2Credit, Verma gives it a 100%. "If you are looking for a CRE Bridge Loan, go with Biz2Credit," he says. "It's a great company, and the team moves fast to get you the funds you need.
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