DELAFIELD, Wis., July 27, 2021 /PRNewswire-PRWeb/
-- Prescient Capital Management recently closed a short-term
bridge loan on a RV Park based in Moore
Haven, Florida. The strategic goal of the Borrower was to
use the proceeds from the Prescient Capital loan to refinance out
of a seller-financed loan. The loan request is for $1,930,000, and Prescient Capital secured the
loan with a 1st lien on the cash-flowing RV Park. The RV Park has
87 pads and a 12-acre site. Once developed, the 12-acre site will
add an additional 60 pads.
The RV Park has an "as is" net operating income (NOI) run rate
of $216,000, resulting in an 11.20%
debt yield. Prescient Capital utilized a broker opinion of value,
and the BOV estimated the "as is" value of $3,525,000 and a loan-to- value (LTV) equal to
55%.
In addition to the primary Collateral, Prescient Capital secured
the 2nd lien on three (3) other RV Park sites: 190 RV sites, eight
apartments, and 42 park models. The BOV estimated the "as is" value
of $6,500,000.
"The quick-close ability of Prescient Capital provided an
advantage for the Borrower in achieving their long-term strategic
goals," mentioned by Steve Young,
Managing Partner and founder, PCM.
To further secure the Prescient Capital loan, the Borrower
signed a personal guarantee with a combined net worth over
$4,000,000.
About Prescient Capital
Prescient Capital Management, a boutique private equity firm
formally founded in 2006, is focused on commercial real estate
opportunities providing short-term bridge loans collateralized by
commercial real estate or other quick-sale collateral.
Additionally, the team looks to invest in situations where assets
are undervalued and misunderstood due to capital and organizational
structure complexity, with an identifiable catalyst for
revaluation. Prescient Capital has a long track record of
originating, funding, servicing, and exiting private loan
transactions to commercial real estate owners.
http://www.pcm-funding.com / LinkedIn
Media Contact
Steve Young, Prescient Capital
Management, 262-244-0797, syoung@pcm-funding.com
Carrie Niese, Prescient Capital
Management, 262-337-9825, cniese@pcm-funding.com
SOURCE Prescient Capital Management