BiggerPockets

Hello Mortgage Pros

We are brokering a unique opportunity offered by the vested parties of this project seeking a bridge loan. Details below:

Summary

Raise $15.5 million to retire all existing debt, primarily the first deed of trust which is held by a bank that is under a C&D order from the FDIC. Principal and interest repayment of this note is through completion of a $35 million EB-5 financing which will provide the take out for the new investors.

Total Offering Amount: $15.5 million

$8.0 million will be used to purchase the $10.8 million first trust deed.
$4.5 million will be used to retire the $7M million second trust deeds.
$1.0 million to retire notes on additional land parcels.
$2 million will be used to fund operations, reserves, broker fees and the E-B 5 program through funding.
Security:

First lien position on 2,000 acres of land, with an operating ski resort, lodges, with 890 entitled units of developable real estate - mostly with direct ski access.

Interest/Return:

12% plus (annual)

Incentive Kicker:

15% profit share on the first $100 million of profit on the overall transaction. Anticipated to be approx. 3 yrs.

Term:

18 months

Exit Plan:

Refinancing of the first will be upon the funding of the EB - 5 in process. This is the first of five funding phases. Phase 1 is approx. $35M of which first monies out will be principal and interest retirement of this $15.5M.

Detailed Project Description:

This project will be operating in all seasons once completed.

Please email me for the full confidential investor packet.

Hello -

I don't really understand your post but here is an email I sent recently to clarify the opportunity. We can go over the entire project if you're interested. Thank you

Borrower is looking for 15.5M by the end of September. Collateral is a first position lien on an operating Ski Resort and Golf Course community north of Boston. The borrower has invested 35M into the 2000 acre property with a 2009 appraisal of 55 Million.

The purpose of this 15.5 M is to retire all existing debt, primarily the first deed of trust which is held by a bank that is under a C&D order from the FDIC.

Principal and interest repayment of this note is through completion of a 35 million EB-5 financing which will provide the take out for the new investors.

This will pay a 12% preferred return plus a 15% equity interest in the first 100 Million in profits on the project. The 15.5M principal and interest will be first money out and are expected to be paid back within 6-18 months. The additional 15 Million equity payment is expected within 3 years.

Yes, that is correct. Please email me at [EMAIL REMOVED]

Originally posted by grossreall

can someone email me or pm me how do I make is that people can see my email address if some one posts their email address its auto removed thats fine but arnold has said my settings don't show my email address
and explain it like a 5 year old as I am not great on webpages and how to do this
arnold sent you an email with my info in it

Just go to the DASHBOARD and click the EDIT PROFILE link on the left side. Then click the SIGNATURE tab and enter your email address on the line where it asks for your sig. Click the update button and you should be set.

Below is a quick conversation of the project that an interested party already inquired on to further clarify the project for interested funders.

First, what is the current status of the project? Units completed and available for rental/sale/use?

No units built. We have 890 units plus commercial and hotel approved. EB5 phase one will provide about 50 lots and 25 cabins. Cabins are for sale and the cabin owner has option of putting into rental pool.

I see that the Golf course and Ski slope are operational (seasonal)?

Yes fully! Have been for years! Skiers last year doubled from the previous year from 40,000 to 80,000 skier days. This year we are projecting 90-110k skier days. Golf rounds about 4-5,000 tee times and growing. We have done major renovations to ski resort buildings and added major snow making piping guns etc. Major advertising for resort as well done the last two years.

What are the revenues & NOI of the golf course, ski slopes and any other asset there? Do you have projections?

Resort ops consisting of skico and golf. Are small compared to future land sales. Resort ops top line is under $3 M. Resort ops has poured money into major advertising, on mountain improvements and upper end management to grow the resort in the next 2-5 years.