Sanjay Patel has been in the hospitality business for 21 years. His pride and joy today are the Freeport Inn and Marina, which occupies a privileged and breathtaking location on the south shore of Long Island.
Mr. Patel bought the 40-year-old hotel and boating complex in 2015, after it had been in decline for several years. To him, it was a rare opportunity to acquire and upgrade an almost one-of-a-kind property at a favorable price. It was what real estate professionals call an ideal “value add” opportunity.
But he had to act quickly. So, Mr. Patel turned to Savoy Bank, where he had been a customer since 2012. Within 60 days he had the financing in place, on terms that he calls “very competitive.”
“From the customer’s perspective, speed is a critical factor in the mortgage underwriting process, sometimes as equally as important as the interest rate,” he says, “Savoy seems to understand that, whereas many banks I’ve dealt with…don’t.”
Today, Mr. Patel reports that the Freeport Inn and Marina, restored to its iconic status as one of Long Island’s best-known boating hospitality destinations, is doing well enough to internally generate funding for its continuing upgrades.
The serial hospitality entrepreneur owns several other properties, including another on Long Island – the Inn at Jericho – which he just recently refinanced with a Savoy Bank mortgage.
“Throughout the economic turmoil of the last two decades, New York has proved itself to be among the world’s most stable markets for hotels,” says Mr. Patel. “The demand is always there, even in places where one might not expect it to be. So, I’m always alert to new and profitable opportunities. And the bank I rely on is Savoy, because I believe in supporting the people whose objective is to support my business.”