TMC Financing provides new owners SBA 504 portion of $4M loan
“The main reason I bought it was the chance to put my fingerprints on it,” Amrish Patel said of his newly purchased Green Lantern Inn in Carmel-by-the-Sea, Calif. “We’re making improvements, but maintaining its charm.” The 17-room bed & breakfast’s six cottages were built in 1927. “It has that old Carmel charm and we want to preserve that and offer more comfort inside and outside. We like to deliver customer experience,” Patel said.
Patel bought the Inn with a $4.14 million financing package that included a 20-year, fixed-rate SBA 504 loan from TMC Financing.
Patel also owns the historic Centrella Inn in nearby Pacific Grove, which he also financed with an SBA 504 loan from TMC Financing. Hoteliers and other small business owners can have multiple SBA loans, as long as the total loan amount is less than $5 million ($5.5 million for manufacturing). Under recent regulatory changes, if energy-efficiency requirements are met, those limits are removed.
“Working with Kurt Chambliss and the TMC team is just outstanding,” Patel said. “Their expertise and professionalism is just great. That’s why I went back for a second loan and they did not disappoint.”
Patel said the guest experience at his two B&Bs couldn’t be more different. “The Green Lantern Inn has a great location and appeal. The cottages have their own entrances and two or three rooms. There isn’t the hustle & bustle of the main drag and there’s no traffic noise. It’s quiet, peaceful and you can sit outside and hear the sound of the waves,” he said. “With Centrella, it’s a very different experience. It’s a Victorian inn built as a room and boarding house in 1889. It’s a landmark on the National Register of Historic Places, so you really feel like you’re going back to yesteryear. And Pacific Grove is a very different town,” he said. “They really are unique experiences.”
“Amrish is known for taking an under-performing property and really making it shine,” Kurt Chambliss, senior vice president at TMC, said. “He really knows what guests want and both his B&Bs are historic and unique places to stay.”