4/7/21: Schelin Uldricks & Co., in partnership with Viking Capital, LLC, have arranged a $9,325,000 Land Acquisition Loan for a partially complete Master Planned Golf Course & Marina Community in eastern Tennessee. The partnership identified a debt fund that believed in the potential value of the collateral and the sponsor’s ability to execute, despite the fact that no builders had pre-committed to lots prior to close and the golf course was operating at a loss. Below is a summary of the communities’ unique collateral along with a summary of the financing:
Collateral Overview:
- 1,322 total acres with an 18-hole Golf Course an 47-Slip Marina
- 148 Finished/Partially Finished Lots
- 3 Platted Parcels for the Development of 524 Units
- 758 Acres of Excess Land for Future Development
Financing Highlights:
- 65% LTC
- WSJ Prime + 7.75%
- 2 Year Term with 2-six month extension options
- 75% Parcel Release Provisions
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