Lending Update Winter 2016

It is very difficult to obtain a recreation loan in today’s uncertain economy.  While banks are leery of lending to recreational properties they are interested in government guarantee loans. Funding for community centers, libraries, private schools, resorts, RV Parks, hotels and other income-producing properties. USDA CF program guarantees up to 90% […]


Typical procedure for USDA funding

The USDA guarantee loan program is complicated and confusing, but also can be flexible with different approaches. Our assignments are to complete a Feasibility Report to be shared with lenders, buyers or investors.  This includes several visits to the project and meetings with client, lenders, nonprofits, attorneys and introduction to USDA. […]

What is a Feasibility Report?

Spear Consultants, Ltd is a consulting firm assisting clients and prospects through the complex process of financing and refinancing income-producing projects.  With over forty-five years experience and over five hundred feasibility studies, our independent reports are customized to client needs and based on relevant market facts, informed judgment and common […]


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Banks still aren’t making loans

It is very difficult to obtain a golf course loan in today’s uncertain economy.  There are only a few investor groups interested in golf and only a handful of credit companies will consider golf, and even if they do, the Loan to Value is 40 to 60% with high rates […]

Investors want to know….

Investors want to know the What, Where, When and How of an investment or loan.  What is the investment and Where is it located?  When do investors receive benefits, does it support debt and over What term. The What and Where you already know, but the When is based on […]



Evaluation is the key…

The purpose of an Evaluation is to establish a concise written report that summarizes the operational and financial opportunities’ of a golf project.  It should identify market, demand, costs, income, expenses, profitability, structure, physical aspects, and risks and rewards of a golf course investment and ownership. An independent report created […]

Management advisory…

The most common mistake developers make is not matching or aligning the golf component with the residential opportunity.  Too many times, I see a Cadillac course in a Chevrolet market or vise verse.  Therefore, make sure you are building or buying the right course for your project.


Investors: Should you be interested in golf?

These are tough times for golf courses, both public and private operations.  As rounds and revenues decrease, golf is facing significant financial challenges of aging memberships, declining play, reduced marketing, lack of capital, etc.   Golf courses need to stand on their own and not be treated as an amenity for […]