Motel Owner in New Mexico Refinances Loan
A motel owner in New Mexico needed to refinance his original owner financing agreement and put the new loan solely into his name. His local bank rejected his application, and he had nowhere to turn.
Biz2Credit worked closely with the business owner to find a bank willing to issue a new loan for the motel. His original owner financing was paid off and he was able to secure lower monthly payments.
Our Customer's Story
Scott O'Brien, Owner of the Rainbow Inn & Gift Shop in Carrizozo, NM,
Scott O'Brien purchased the Rainbow Inn and Gift Shop in Carrizozo, New Mexico, six years ago. Scott had worked in the hospitality industry for many years so when he saw the 14 room motel with retail space attached, he knew he had to have it.
Scott was able to purchase the motel using owner financing with a four-year term loan. He turned the retail space into a gift shop that carries local New Mexican and Southwestern artisan items. Carrizozo is a town of only 1,100 people and Scott's motel is one of the few places to stay in the area.
When Scott's original financing terms approached their end, he decided to seek refinancing with a bank. Unfortunately, he was turned down by all of the banks in his area.
How Biz2Credit Helped
Biz2Credit Loan Specialist: Shawn Cournoyer
Scott turned to a well known accounting software provider and also Biz2Credit partner for help with his search for financing. He completed a quick initial application and was connected with multiple loan options and his new dedicated Biz2Credit loan specialist Shawn Cournoyer.
Shawn quickly assessed Scott's business and financing needs and went to work. He was able to find a bank that was willing to meet all of Scott's financing needs: they refinanced the original loan and removed the original co-owners; thus enabling Scott to pay off the financing he used to purchase the Inn. Shawn was also able to negotiate lower monthly payments than Scott had been paying previously.
The result was a very happy innkeeper. Scott says that he developed a great relationship with Shawn, who was communicative throughout the entire process, and that he would definitely recommend Biz2Credit to others.
Scott says that he developed a great relationship with Shawn, who was communicative throughout the entire process, and that he would definitely recommend Biz2Credit to others.
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