Haven Trust Bank, Magnuson Hotels introduce “no franchise required” hotel loans
Atlanta GA, Spokane WA | For decades, independent US hotel owners have been told that a major hotel franchise is required to qualify for bank financing. Banks have unilaterally stood by the rationale that the big hotel brands are needed to guarantee a predictable cash flow for a safe loan.
Not any more. Haven Trust Bank of Atlanta has joined forces with Magnuson Hotels, the world’s largest independent hotel group, to offer an industry first; “no franchise required” loans.
Over 600 independent Magnuson Hotel affiliates will be eligible for bank financing through Haven Trust Bank, which is approved by the US Small Business Administration (SBA) as a "Preferred Lender" throughout the United States.
“Independent hotels have been locked out of the lending process, and they have suffered from it,” stated Haven Trust Bank Chairman Mike Patel. “We urge you to watch for a new era of increased occupancy and hotel prosperity as independent owners freely renovate and acquire additional hotels.”
“Haven Trust Bank was organized by hotel owners, so we view Magnuson’s rapid industry rise as a proven low cost franchise alternative favorably from a lending perspective,” added Patel. “Magnuson Hotels is the world’s largest independent hotel group, utilizing a complete global reservation system.”
“When Magnuson’s independent hotel owners access competitively priced Haven Trust Bank loans, they will no longer be at a disadvantage to their big chain competitors,” stated Thomas R. Magnuson, Principal/CEO of Magnuson Hotels. “Our mission is to relentlessly increase revenue and reduce costs for hotel owners.”
The first co-branded Haven Trust Bank/ Magnuson Hotel “no franchise required” loans will be available to affiliates of Magnuson Hotels immediately, allowing the opportunity for renovation, expansion, new equipment, large repairs and line of credit for working capital. Hotel owners can also borrow for new construction and buy additional hotels/real estate using existing independent hotel assets as equity. As an SBA Preferred Lender throughout the United States, Haven Trust offers fast loan turnaround; decision time for a loan of up to $2 Million can be as fast as two days.
Haven Trust Bank of Atlanta’s assets have grown 33% this year to over $350 million. Consistently ranked as one of the top ten Georgia SBA lenders, Haven Trust is approved by the US Small Business Administration (SBA) as a "Preferred Lender" throughout the United States. Haven Trust Bank Chairman Mike Patel is known in the hotel industry for successfully representing Asian American hotel owner interests by creating the AAHOA 12 Points of Fair Franchising, and as a former Chairman of the Asian American Hotel Owners Association, which represents over 8,300 members owning more than 20,000 hotels.
FOR MORE INFORMATION: Thomas Magnuson, Magnuson Hotels
Thomas Magnuson
Chief Executive Officer
+1 509 994 2048
