This post was contributed by a community member. The views expressed here are the author's own.

Local Voices

How to Finance a Golf Course or other recreational facility

 

How to Finance a Golf Course or other recreational facility

 

Find out what's happening in West Hartfordwith free, real-time updates from Patch.

Recreational Financing can be difficult to find.  The properties that are included in a recreational financing deal are; golf courses, driving range,, mini golf courses, batting cages, go cart tracks, and all types of recreational facilities.

 

Find out what's happening in West Hartfordwith free, real-time updates from Patch.

There seams to be a trend in the last few years on creating interactive family fun.  Sitting around watching TV all day or going to the movies or the mall seams to be getting boring for some people.  People are looking for some interactive fun for themselves and the family.  It’s much more fun to actually do something with your family and have an experience versus just sitting and watching yet another movie.  I have personally witnessed an indoor driving facility, several rock climbing gyms as well as go cart tracks, zip line parks, trampoline parks, and other adventure parks open in our state.

 

North East Financial is offering financing for these types of facilities.  Much like other commercial loans they will be taken on a case by case basis.  The factors that we examine in making a deal of this nature are: 1) Loan to Value Ratio - how much money do you have to put down on this property.  We are looking for a 25% - 30% down payment.  2)Credit Score - we can work with a 600+ credit score in some cases we can go as low as 580  3) Loan Size - The loan size is capped at around $1.5MM and the interest rates are your typical commercial interest rate (9% - 12%) 

 

The interest rate you are charged will be priced based on the individual deal.  The price you receive in the end depends on the business experience of the individual, property, type of business, proven cash flow, credit score, and other assets.  In some cases we can do a stated loan, meaning we state the income with no tax return documentation.  This type of loan is helpful for some people who have taken a lot of write offs in the past or for people who may have just been divorced or had some other set back.

 

To find out more about these types of loans - call Michael Shea at North East Financial

860-788-7237




We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?