As COVID-19 Takes A Bite Out Of The Tourism Sector, Private Lenders Are Still Open For Business

villa-building
invest-caribbean

Compiled By NAN Business Editor

News Americas, NEW YORK, NY, Fri. March 27, 2020: With hotels and tour operators expected to see a sharp reduction in profits in the second quarter because of the dreaded COVID-19 pandemic, many banks are redlining lending to projects in those sectors even as many private lenders are pushing full steam ahead.

ICN LLC, which does business as the brand Invest Caribbean, says while many of its banking partners are putting the brakes on lending in many sectors for now, its network of private lending partners are keeping their doors open.

They include debt financing for major commercial projects of USD 5 million to USD 30 billion.

Commercial real estate funding for skyscrapers, villas, condos and mixed-use buildings, medical and office buildings, malls, strip & retail shopping centers, restaurants, conference centers, large hotels and resorts, stadiums, power plants, refineries, data centers, solar & wind farms, Golf Course & Master Planned Community and marijuana land or dispensaries are available now through private lenders.

Also available are joint venture financing for most sectors, including tourism, real estate, energy, mining, manufacturing, etc., as well as trade financing, asset based financing, franchise financing or non-recourse loans using registered Tier I bank instruments, including SBLCs and BGs.

The downside, however, said ICN officials, is that clients now have to be cash heavy to get deals closed or to raise money as lenders are offering lowered LTVs (Loan To Value) and higher interest rates on commercial loans while non-recourse options require a minimum of USD250 K to enter.

ICN executives also say bigger projects, in a USD 100 million and up range, now have a higher chance of getting funded and cutting a better deal than smaller deals.

The company also has a number of options for US-owned and operated small to medium enterprises including short and medium term loans; equipment financing, line of credits, merchant cash advance and invoice financing.

“In these tough times, we still have a number of options for project developers under one roof as long as the developer is coming to the table with a good project plan and a percentage of the amount in hard cash they’d like to raise,” said ICN’s executives. “Yes, it’s a tough market right now but there’s still hope.”

For more log on here.

Wal-Mart.com USA, LLC