Client closes on Cash Out Refinance for Golf Course in New York
Our client closed on the cash out refinance of a golf course and clubhouse located in Darien Center, New York in June of 2023. The loan proceeds from the cash out refinance will be used to pay off a note totaling an estimated $900,000. The remaining proceeds will be used as working capital as the client makes preparations for property updates and maintenance on the 18-hole, par 72 course as well as the clubhouse and other structures.
The loan-to-value for this deal was 34% with the client requesting $1,050,000. The property sits on a total of 159.7 acres and the combined building size sits at 20,335 square feet.
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Cash Out Refinance Closed for Golf Course in Mississippi
We love assisting our clients with a wide variety of commercial investment loans and this deal was no exception! On March 27, 2023, our client closed on the cash-out refinance of a golf course and club located in Gautier, Mississippi. The proceeds for this particular loan product will be used to pay off current debt on the property. The loan will also provide working capital for our client - allowing them to renovate existing amenities to the course and club as well as add new amenities that their recreation patrons can enjoy while on and off the greens.
The total loan amount was $1,485,000.00 and had a LTV of 28%. Our LTV max is 65% so this deal fell well below that maximum for our requirements.
The property sits on approximately 194 acres.