Program: Private Money
Property Type: Golf Course on +/-104 Acres
Loan to Value - LTV: 65% of 'the Purchase Price
Terms: 12 Month Note, 10% Interest Only
Details: We had assisted the borrower previously with land acquisition and construction loans. An opportunity presented itself to our client for the purchase of a golf course on +/-104 acres, next to her current development, at a severe discount. The golf course had been closed whereby creating a situation where we not only had a motivated seller but she was willing to carryback a portion of the note as well. The golf course includes a clubhouse, 2 small warehouses, 19 acres of lakes, and 34 acres that are 'buildable', adding even more value. Our client will make the needed improvements to the golf course, re-open and start developing the buildable 34 acres. Once the golf course is operational and income producing our client will have the option of re-financing the golf course into a new loan or sell the golf course as she continues to build.