(Source: Golf Inc. Magazine)
Golf Property Analysts, a long-time industry valuation expert and broker, announced that it is working as a broker for golf course debt financing.
Larry Hirsh, who runs Golf Property Analysts, said he is working with a local bank in the Delaware Valley Region to finance courses up to $4 million. Currently, the courses must be in Pennsylvania, New Jersey or Delaware.
“As it becomes successful, we will hopefully geographically diversify and expand,” he said. “Who better to help a lender or investor evaluate a golf deal than a [valuation expert].”
The loans come with a five-year term and 20-year amortization. The loan-to-value ratio is 60 to 70 percent, which Hirsh said is favorable to what Textron Financial was offering when it was still lending.
There are currently no national lenders in the golf business, and few local banks have wanted to take on golf courses loans. Hirsch said he saw an opportunity, but has not done a deal yet. Golf Property Analysts is located in Conshohocken, Penn.
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