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Vector Prequalifies for $8.8 Mil Loan

MIAMI-The locally based parent of Bestfoodonline.com expects to use the proceeds to finance the company's first hotel acquisition in the trendy South Beach section of Miami Beach.

By David R. Corder | Updated on November 02, 2001

MIAMI-Vector Holdings Corp. is advising shareholders it prequalified for an $8.8 million loan that will be used to acquire an as yet unidentified hotel property in the trendy South Beach section of Miami Beach.

The Miami-based publicly traded company reports it received a loan letter of intent from Transcontinental Lending Group Inc. following a recent credit review. A formal commitment letter is expected within seven days of the Oct. 31 signing.

In obtaining the loan, the company now expects to complete the first phase of a plan to acquire several boutique-style hotels principally in the South Beach district.

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