HomeMy WebLinkAbout1.0 Extension Request 11.25.2019Jerry Rusch
From: Bob Graham <bgraham@blackridge.us>
Sent: Monday, November 25, 2019 2:38 PM
To: Jerry Rusch <rmss@sopris.net> (rmss@sopris.net)
Subject: High Mesa RV Park Letter to Patrick Waller
Attachments: High Mesa Loan Term Sheet 11-22-2019.PDF;
2019.07.19.R.GRAHAM.ACCEPTANCE.5M.250.REV15.docx
Mr. Patrick Waller
Re: High Mesa RV Park Plans
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EXHIBIT
Patrick, we have had some issues with the financing on the park after we did the LOC in the spring. We had arranged the
financing for the park with a company in the Denver area in late fall of 2018 for funding during February of 2019. This led
to the filing of the LOC with the county from Mid First Bank in Denver. The financing company had some issues and
unfortunately did not close the financing as planned and has since stopped operating. (As we understand it, they had a
case of embezzlement.)
With this in mind we began the search for back up financing to support the construction in March. We were able to
obtain financing from Key Resource Financial Board LLC in July with an anticipated dosing in September. (See attached
approval document.) Key Resource had originated the financing from Europe. Just prior to the closing they ran into some
legal issues with the debt insurance due to the separation of Britain form the European Union. (Referred to in the press
as Brexit.) They then informed us they would have to reorganize the debt insurance to solve their issue. This took them
until October. In November they recommitted to the closing with a term sheet dated 11/22. (See attached.) We are
awaiting the closing documents which are scheduled for this week but may be next week as I may have to the closing
personally in Texas.
Assuming they close by 12/6 we have been in touch with Mid First Bank in Denver and they are telling us they will have
the Letter of Credit to the county in two weeks or less which is the 20th. With this in hand Jerry Rusch will be able to pull
the permit and we will begin construction.
The closing of the financing has been complicated by all these changes and problems. We are very much wanting to
complete this project and apologize for all the delays. Our intention is to start construction immeadiately after the
permit is pulled and expedite the completion of the park during 2020.
I plan to be present at the Commissioners meeting on the 16th and we should be in process by that time.
Bob Graham
Manager High Mesa Partners LLC
408-391-7473
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1
KEY RESOURCE FINANCIAL BOARD LLC
CONSORTIUM LOAN PROGRAM
November 26, 2019
Mr. Robert Graham, Principal
High Mesa Partners LLC
400 Panamint Road
Reno, NV 89521
Re: PRE -QUALIFICATION APPROVAL, CONSORTIUM LOAN PROGRAM
TRANSACTION ID: 19 -0717 -RG -250K -5M-01
LOAN AMOUNT: $ 5,000,000.00 US DOLLARS
ESCROW FEES REQUIRED: $ 250,000.00 US DOLLARS
LOAN TYPE: 15 YEAR (180 MONTHS), FIXED
PAYMENTS: APPROX. $35,744.13 MONTHLY
INTEREST: 3.50% APR
GRACE PERIOD: UP TO 12 MONTHS, PRE -APPROVED, LOAN ARREARS
PRE -PAYMENT PENALTY: NONE
SECURED: SURETY BOND BY LENDER FOR CONTRACT; NON-RECOURSE
Dear Mr. Graham:
Congratulations! Your group has applied, has passed compliance, and has been conditionally approved
for a loan and terms in the amount stated above.
The following conditions will be applied to the loan in accordance with Key Resource's program
outline, subject to closing procedures and satisfaction of Escrow and related Fees as included on the
following page(s).
We are grateful you have Key Resource Financial Board us as your private lender. We are excited at the
prospect of serving your funding and project enhancement needs.
ESCROWED FEES DISCLOSURE
Escrow Fees (Surety Policy Issue, Closing and Legal Fees): $250,000.00 US Dollars. Transfer of required
fees to the following Escrow Account initiates the funding process with lender and provides a closing
date. Should you choose to cancel acceptance of this offer prior to closing, Escrow Fees, Tess
administrative fees of $5,500.00 are fully refundable within 72 hours of request.
Page 1 of 2
KEY RESOURCE FINANCIAL BOARD LLC
CONSORTIUM LOAN PROGRAM
Once we have your countersignature and receive your transfer of Fees, you will be scheduled and
contracted for closing. No additional funds will be required from you to close this loan. Funds will
not move from account until closing day disbursement as agreed. This date will be at discretion of the
lender, but a date on or before 60 days from Escrow Deposit confirmation.
As always, should you have questions, please contact us at your earliest convenience.
Kindest Regards,
Submitted for and on behalf of Accepted for and on behalf of
KEY RESOURCE FINANCIAL BOARD LLC ROBERT GRAHAM, HIGH MESA PARTNERS LLC
Signed:
_4
Signed:
Name: Kevin Cook Name: Mr. Robert Graham
Position: Executive Vice President - Operations Position: Principal
Date: 11/26/19 Date: / /
Receiving Account for Escrow of Loan Fees:
Bank:
Chase Bank, 112 W. Austin, Marshall TX 75670
Account Name:
KEY RESOURCE FINANCIAL BOARD LLC
ABA Routing Number:
Account Number:
SWIFT:
Bank Officer:
021000021
232519105
CHASUS33
Elizabeth Acuna
Bank Officer Email:
elizabeth.I.acuna@chase.com
Bank Officer Phone:
903-938-7788
Beneficiary
KEY RESOURCE FINANCIAL BOARD LLC, Paymaster for
HIGH MESA PARTNERS LLC
Page 2 of 2
Term Sheet
This document provides the borrower with a written summary of the Private
investment Funding terms
Mr. Robert Graham
Mr. Robert Graham - Principal
High Mesa Partners LLC
400 Panament Road
Reno, NV. 89521
$5,000,000 Private Investment Funding / Loan Request Amount
Interest for usage of The Investment funding is set at 3.50% interest per year
The Term is for 15 years (180 months) of Payments which are to start with the beginning of
the first day of the next Month up on closing and funding:
Fully Amortized at $35,744.13 per month
Escrowed $250,000.00
Fees are as follows:
$5,500 Closing Fees, Documentation, Administrative
$20,000 Commission Fees
$10,000 Loan Servicing Fees
Total Fees: $35,500
Total Balance $214,500.00 will be applied to payments at end of the Investment term:
SUMMARY:
Investment Term is for 180 months @ $35,744.13 per month which will = $6,433,943.40 less
the balance of escrow which is to be applied at end of the Investment Term. This brings the
total at the end of the 1120 months Investment Term to $6,219,443.40.
Note: by signing Mr. +ben Graham accepts the terms presented.
Signature:
Date: 01,1 7, c2:0(1