With over thirty years experience in the golf industry, Spear Consultants assists clients through the difficult and often complex process of buying, selling, building, and financing golf projects. An important first step in this process is the Evaluation. An Evaluation identifies the profitable opportunities and defined factors of each project. Our approach goes far beyond reviewing and interpreting basic demographic data. Each report is customized to client needs and based on informed judgment, relevant facts, and common sense. The Evaluation process and resulting report provides an excellence source of information for clients who are contemplating financing proposed or existing golf projects.

An Evaluation determines and addresses:

-- the type of course that yields greatest potential
-- should the project be a public, private or resort course
-- who are the most comparable courses in the area
-- is their sufficient golf demand to support this project
-- selected management abilities and experience
-- an assessment of existing and proposed marketing activities
-- actual and projected costs to renovate, build or buy
-- projected and attainable income from play and related sales
-- projected expenses for clubhouse, maintenance and admin
-- is there sufficient cash flow to service debt
-- when does stabilization occur
-- an acceptable debt to coverage ratio
-- different analysis address ""what if"" scenarios

Specializing in the business of Golf
Following many successful years as a lending officer with a major national bank, Doug Spear incorporated Spear Consultants, Ltd. in 1974 as a golf consulting firm.It was founded to assist and direct clients in obtaining necessary informationto determine the financial viability of their existing or proposed golf project. The information is obtained from the client and outside professionals, along with site specific information, demographics, market conditions, etc. These reports are prepared in confidence and their use is directed solely by the client

Loan & Equity Placements
Our confidential Evaluations are business plans that analyze debt service ability, and generate past, present, or future financial information. In addition, we direct the client in locating financial sources for debt and/or equity capital. We develop and prepare a concise written report for tangible and intangible asset values essential in determining interest from lenders and investors. With an completed Evaluation, Spear Consultants can assist clients in acquiring financial sources through approved lenders, investors, public and private placements.

Although there were ample lenders and investors in the nineties, activity has slowed with the recent economic downturn. However, there are still individual and firms interested in golf investments, but they generally require control and/or management of the facility. Presently public funding is very popular because it uses non-recourse revenue bonds and/or US guarantees. This approach is very prevalent and desired for public daily-fee and resort courses.

Our third party approach to an Evaluation
• Evaluations often begin at 100+ pages of documentation, but are condensed down to 30-40 pages of relevant facts.
• Our condensed reports are recognized and accepted by all major lenders and educated investors.
• Spear Consultants use relevant facts, informed judgment and common sense in assisting clients with their goals.
• Demographics are used as a foundation, but personal contact reflects truer and more useful data.
• While we accent the positive elements of a project or market, we still lend an objective view of potential negative factors.
• We introduce, when appropriate, other necessary professional firms to assist in the project.
• Our Evaluation adds creditability and credence to clients efforts with owners, lenders and investors.

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