Golf Courses by Tom Markel
Who wouldn't want to own a golf course? There's probably no better way to get great scenery and relaxation at work than starting the day playing a quick nine or eighteen before anyone else is on the course. Just think, you step up to first tee, look out over a world where the sun is just rising and the mist is clinging to the dew on the grass, you lift your driver above your head, pausing for a moment to drink in the morning air, and then you launch one right down the middle of the fairway. Do you get to do any of that with the business you have now? You might get a chance to get out and play once in a while, but it's not part of your everyday routine.
Of course, you also don't have to contend with an off-season, high maintenance fees, and elemental conditions that could destroy your golf course. Heavy snow and rain can delay seasonal openings and droughts or heat-waves in summer can dry out the greens and cut down on the number of golfers you see. Then there's the clubhouse. You need a license to sell liquor in there, plus liability insurance and workers comp for all of your employees. Owning a golf course isn't just playing golf everyday. There is work to do and overhead to pay. Did you take all that into account before you made the decision to apply for a commercial mortgage to buy a golf course?
Put it all down on paper. Write out a list of what your expenses will be, including your mortgage payment. Then, make a list of what your potential income will be. If you're buying an existing golf course, use the numbers generated by the previous owners. If the course is brand new, survey comparable courses in the area and come up with a reasonable income estimate. Once that's done, look into all of the other costs, including the local permits you need to get and any regulations or town bi-laws that might affect you. Will you be using pesticides at all on the grounds? If so, you'll need to examine another set of bi-laws and expenses and include them in your business plan.
Make sure you know everything there is to know about running a golf course and then fill out the iBank commercial mortgage application. The banks will ask you questions about your investment and how you plan to be successful. Knowing the answers to those questions will improve your chances of being approved. Our iBank list of lenders will help you, also. We shop you around to multiple banks, mortgage brokers, and private investors, so you can expect a number of replies. Once you've done all of your homework, all you have to do is wait for the bank to call. We take care of the rest.