Sanat Patel talks about loans Avana writes in hospitality, how that mix could change and lender creativity.
Note: Hotel Investment Today talked to Avana Credit’s Sanat Patel about a $250 million lending program for new construction loans that it was partnering with IHG Hotels & Resorts on for four of its brands. Here he talks about the state of private credit right now.
NATIONAL REPORT — Sanat Patel says the general market perception of private credit has changed over the past few years. Namely, it’s here to stay and fills a void that banks aren’t doing now.
“The previous perception of private credit is that it was ‘hard money’ if you have a really dire situation and you can’t get any bank to do it,” said Patel, chief lending officer and co-founder of Glendale, Arizona-based Avana Capital, which serves as a private lending firm working primarily in the hospitality space. “Private credit has become more mainstream… There are solutions that banks can use when it’s more of a stabilized asset — a built asset. But private credit is more of the bridge for a reposition or construction.”
Read the full article: https://www.hotelinvestmenttoday.com/Financials/Financing/Avana-co-founder-on-how-private-credit-has-changed
