$9,325,000 Land Acquisition Loan

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