Nova Desert Rose LLC
Bloomfield, NM 87413, US
The required funding is a targeted refinancing of an existing, 27-year old upscale recreational vehicle resort in New Mexico immediately south of Durango, CO, and to affiliate the resort with KOA.
The resort is Desert Rose Four Corners RV Park in Bloomfield, NM, in proximity to skiing in Durango; high yield fly fishing in four nearby rivers and lakes; golfing in one of America’s premier public golf courses; wagering at seven nearby Indian casinos; Class I horse racing in nearby Farmington; easy access to numerous national and state parks in New Mexico, Arizona, Utah and Colorado; and a significant number of Native American historical and cultural sites. The resort is easily accessible from Albuquerque (3 hours by car), and there are direct flights into Farmington from Denver. Kampgrounds of America – the premier RV park and resort system in the U. S. – is actively soliciting the resort as a franchisee, and the largest park system in America (the Good Sam Club) has awarded the park its highest rating in the Four Corners geographic area.
The funding being solicited herein of $955,000 is to refinance existing debt and to affiliate with KOA.
Use of proceeds is as follows;
…..payoff in full existing first lien debt approximating $450,000;
…..payoff in full existing high interest rate chattel mortgages on two large mobile homes, approximating $180,000;
…..payoff in full the remaining balance of a second lien note owing to a Montana bank approximating $25,000;
…..convert leases on three rental RVs to a direct purchase, approximating $35,000;
…..remit to the previous owner of the resort an amount of $200,000 to eliminate in full existing seller financing;
…..establish a reserve for payment of recent and prospective park improvements, aggregating about $50,000; and
…..remit an affiliation fee to KOA approximating $15,000.
The FMV of the resort is expected to exceed $1.6 million.
The funding solicited herein will bear an interest rate plus a profit participation.