Purchase Golf Course and Land

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This loan closed on April 30th.  By explaining this deal a little deeper, I think you can get some insights into just what we are able to do here at Commercial Capital.

$3.35 Million Purchase and mild renovation of Golf Course & Land!

Location: North GA Mountains

 

Give me a CALL TODAY  at 512-650-8630    

 

This loan first came to us in early February looking for a private money loan.  We liked the deal so much, we were going to issue a commitment on the loan from our private money fund when I told them that I could get the deal done conventionally for them if they had time.  The borrowers had great credit and experience and over a million dollars to put into the transaction.  The golf course actually MADE a net income of over $300,000.  So the golf course alone was worth the $3 Million price at a 10 cap but, the kicker was the clients also got all the lots around the golf course-free land they could develop-it was a very solid deal.  When I told them I could get them conventional they told me that many banks had denied the loan but, I KNEW I could get them done.

 

Give me a CALL TODAY  at 512-650-8630   

 

 I took the loan in and immediately called local banks in the North GA Mountains and none of them would touch the deal because the developer had gone under and they saw it as a failed development-despite the fact that the Golf Course cash flow supported the loan all by itself.  I noticed that the borrower had almost $1 Million with a local bank in GA and I knew the VP’s at that bank and discovered that the client had already applied there and been denied because they did not want to take a chance on a golf course 75 miles away-DESPITE ALMOST A MILLION DOLLARS ON DEPOSIT AT THAT BANK.  I knew conduits and life companies were not going to be interested in a golf course/development deal but, I found a credit union willing to do the deal.  I packaged it, submitted it, talked it through underwriting and got the approval.  A 5 year fixed at 4.95% on a 25 year amortization at 65% LTV and NO pre-payment penalty.  They came to me desperate looking for Private Money close to 10% and I got them fixed under 5%!  The loan closed in less than 2 months start to finish!

Give me a CALL TODAY  at 512-650-8630   

 

ALMOST EVERY LOAN I CLOSE GOT DENIED SOMEWHERE ELSE BEFORE COMING TO ME and yet usually, I can get them approved at the same rates they were hoping to get at the place that denied them.  The big banks are denying 80% of their loans and the local banks are denying 50% yet many of those deals are STRONG deals.  They just don’t have the right lender.

 

 If you have been denied or know someone who has been denied by a lender or bank, give me a call. We close 80% of the term sheets we issue so your chance of success is MUCH greater with us and usually, the rate is the same or better.  Just one call does it all at 512-650-8630.

 

P.S. When the Bank Says No, Come to Us to Get Your Deal Closed.  I specialize in SBA and Alternative Commercial Loans.  I help entrepreneurs attain financing for their business or project. I BRING MONEY FROM AROUND THE COUNTRY TO LOCAL MARKETPLACES INSURING THE MOST LIKELIHOOD OF CLOSING. The key is placing the borrower with the lender that most suits that borrower’s strengths. I do it better than anyone.  Give me a call today at O:512-650-8630 or C:512-354-5949 to get your loan closed.

Give me a call today to discuss your deal at 512-650-8630

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Commercial Capital LTD

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Author: admin

Here’s A Little Bit About Me. 20+ years in the finance industry, I rose to the level of Assistant V.P. with Chase Manhattan. While working for Chase, I decided that I wanted to have residual income without having to quit my job. I bought my first apartment building in 1996, three days before my wedding. In 2001, I decided I would leave the corporate world and work for myself in a net branch environment. My passions are helping people get commercial mortgage loans. I also am passionate about investing, working out and being with my family and friends.