CASE STUDIES
Dark Horse
Loan Amount: $25,540,000
Closed: 4th Quarter 2004
Location:13450 Combie Road
Auburn, California
Client:
Baldwin Ranch, LP and Dark Horse Golf Course, LP
Property:
114 residential estate lots and the acclaimed Dark Horse Championship Golf Course in Auburn, CA
Assignment:
Arrange a bridge loan to complete construction and sell 114 residential estate lots.
Challenges:
Overall market softness
Sales risk associated with rural resort location
Limited cash equity
Non-recourse request
Results:
$25,540,000
Rate: 11.0%
Fees: 4%
Term: 24 months, with a 12 month extension.
Liability: Non-recourse to the principals of the borrowing entity
