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Kennedy Funding
issues $5.3 million loan to Travis Boats & Motors (NASDAQ: TRVS)
Loan provides
working capital for #2 boat retailer in the country.
HACKENSACK,
NJ, November 12, 2003 — A $5.3 million loan from Kennedy Funding,
a direct private lender based in Hackensack, N.J., will enable Austin,
Texas-based Travis Boats & Motors, a public company (NASDAQ:
TRVS), to recoup working capital used by the company to repay outstanding
real estate loans.
According to Travis Chairman Richard S. Birnbaum, the company will
use the funds to refinance several real estate properties or pursue
sale/leaseback options for the properties with the goal of increasing
the company’s working capital. Since March 2003, Travis Boats
has repaid four real estate loans totaling $1.7 million held by
Hibernia Bank of New Orleans.
“As a major player in the retail boat industry, Travis Boats
& Motors represents a sound lending investment,” says
Joseph Wolfer, a principal of Kennedy Funding. “The loan is
secured by first mortgages on seven retail stores in Michigan and
the south.”
Travis Boats & Motors is the number two boat retailer in the
U.S. behind MarineMax. The company sells recreational boats, motors,
trailers, and other marine accessories through 35 Travis Boating
Center superstores in Alabama, Arkansas, Florida, Georgia, Louisiana,
Michigan, Mississippi, Oklahoma, Tennessee and Texas. Some locations
also sell personal watercraft, offshore fishing boats and cabin
cruisers. In addition, Travis provides financing, insurance and
repair services. Tracker Marine, a boat manufacturer, holds voting
control of 53 percent of Travis Boats’ shares.
Sales for the 2002 fiscal year totaled $176.5 million with net income
of $16.7 million. From February to August 2003, Travis sold approximately
$18.6 million of non-current and aged inventory at reduced retail
sales prices and gross margins.
“Although Travis operates in a highly-competitive retail market
and offers products of a highly seasonal nature which are influenced
by weather conditions and the general economy, we are confident
that the company’s quality inventory, customer service, and
strong retail store network will continue to yield solid growth,”
says Wolfer.
With two decades of experience as a direct private lender, Kennedy
has earned a national reputation for its lending expertise and ability
to devise innovative strategies to deal with commercial property
workouts, foreclosures, acquisitions, refinancing, bankruptcies
and related situations. Kennedy has a staff of seasoned financial
experts who excel at addressing complex loan scenarios.
“Very few lenders issue loan commitments as quickly as we
can,” says Wolfer. “We issued a loan commitment to Travis
in two days and closed in a week. In a global economic market time
is more than money – it can literally make or break the deal.”
“Unlike many traditional lenders who disappear once you’ve
handed them the paperwork, we work closely with our clients to ensure
their success and to structure the best deal possible for their
situation,” says Wolfer. “Lending is a relationship
business and we see ourselves as partners of our clients working
together towards a common goal.”
According to Wolfer, traditional lenders are too often mired in
red tape and layers of decision-makers that delay the loan process.
This process, he says, fails to address borrowers’ needs in
a timely manner, leaving the borrower hanging.
“What differentiates Kennedy Funding is our ability to move
the deal through the process quickly and efficiently to meet borrowers’
needs,” adds Wolfer.
Kennedy Funding is known nationally and internationally as a resourceful,
key lender for commercial real estate projects of every type. In
1996, the lender branched out beyond its national service area into
commercial loans in the international arena.
In addition, Kennedy has expanded its lending scope to include enterprises
across a wide variety of industry categories, including commercial
real estate, resorts and lodging, golf course development, sports
complexes, media (TV and radio stations), retail, airlines, and
a diverse range of business enterprises.
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Community adjacent to Vail's Keystone Resort |
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issues $5.3 million loan to Travis Boats & Motors (NASDAQ: TRVS) |
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Funding rescues bankrupt developer with creative financing |
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