All Forum Posts by: Robert Snowden

Hey, Rick. I enjoyed reading your learned input. 

However, I need to state that in spite of the Waco area's conservative values, they had no negative effect on our business - just on the bank that financed our business which was known to them before they started our funding program. They reneged on finishing their funding which led to our closure. 

Our guests are "travelers" either by car or RV. With our rural site situated midway between the DFW Metroplex & Austin off I-35 with easy access from San Antonio & Houston as well as cross-country travelers and even international visitors from Europe, Canada, Australia & Israel, drawing guests was NOT a problem. 

Furthermore, our business created no issues for our rural neighbors (most of whom my husband has known for decades since he grew up on that farm property which had been in his family since 1886), law enforcement or county officials. Our original venue infrastructure is in place. Although your suggestion has been considered, it'll cost a lot less to renovate & upgrade it than starting over elsewhere.  Thank you.

Yes, we indeed did own the property until about 2 years ago when the bank took it back via deed in lieu of foreclosure action.  However, the resort business did not fail and we did not put it in bankruptcy.  It was successful since our May 2016 opening with gross revenue growing at about 17%-20% per year except for 2020 when COVID-19 shut us down for several months.  The bank reneged on funding the last part of the loan which would have funded completion of our septic system/grease trap installation thus allowing us to open our on site bar/restaurant & expand the RV park.  Some person or person(s) within the bank allowed their institution to fund us right up to getting our money-making part of the resort open - and then pulled the plug.  This bank wanted us out of business and no longer associated with them.  They succeeded.  Interestingly, they've recently negotiated a re-purchase price with us IF we bring new funding to the table.

The rehab is required for several reasons: (a) correct the damage the bank has allowed to happen to the property improvements these past few years (known problems include completely destroyed pool makeover; wild animals living inside the residence; flooring missing in sections of the rec center building; destruction of the decorative main entry gate mechanism; lots of dead landscaping; as well as latent defects not known to us such as working plumbing, HVAC & water services) AND (b) expansion & upgrading of the accommodations (converting the private residence to a 2-story lodge with the restaurant/bar, reception/check-in, movie room, public restrooms, gym/sauna/steam room/massage therapy room; enlarged pool & deck area with climate-controlled cover for year round use; conversion of former restaurant/bar building to a general store selling venue collectibles & wearables, selected pre-packaged foods, sundries, RV & camping items, bagged ice & a propane refill station; construction of a free-standing event center; free-standing cabins; enlarged & upgraded RV park with its own small restroom/coin-op laundry building; outdoor activity areas; new landscaping & fencing; new parking area & entry drives (personal car & RVs).

We know our target audience having created and operated the former version of this resort for almost years creating an initial membership base numbering about 1,100.  We were the rural version of similar urban resort properties found in P'town, Fort Lauderdale, Key West & Palm Springs.  We hear frequently from former members asking if we'll be re-opening and those potential guests lamenting the fact they haven't been able to visit us.

We've a couple of younger former associates and a couple of new ones who wish to join us in managing, maintaining, marketing and hosting at the venue. 

Furthermore, we've developed a program together with our Waco realtor/broker and a Fort Worth title company to sell up to seven 10+ acre home building tracts to raise almost $1M to be applied to the initial loan balance, including multiple closings the same day following our own closing funding 15%-25% of a required down payment as well as providing funding reserve for early months' loan payments during the 7-9 month rehab period.

So we're positioned to go with our new venue once we're funded and get our rehab program underway.

Thank you, Ricardo, for taking the time to respond to our quest.  Be advised, however, that we did NOT sue our former bank on the basis of discrimination but on issues related directly to their actions against us contrary to our loan agreement.  However, since this community bank is based in my husband's nearby home town and our loan officer was his classmate for many years, we had no reason to believe they would come after us.  We've heard from numerous locals as to the underlying reason for their bold action against us but, again, it was not part of our lawsuit.

I really appreciate your comments but our business is what it is - legal, appreciated and appropriate to cater to a large underserved monied part of the population.  It's difficult to make our case for the business loan without expressing what our business was and what it would be again.  We don't want our presentation to be misleading.

Our search will continue with your pointers in mind.

After 2 costly & unsuccessful lawsuits with our homophobic former Waco, TX community bank lender, my husband & I are seeking an LGBTQ-friendly funding source to help us re-purchase, rehab & expand our former men's resort property in rural Crawford, TX from the same bank (!) with a targeted 2025 opening.  Full details on the project are available including project description & costs, 3-year income/expense spreadsheet & photos.  Former resort website is still live for reference purposes.  So far a nationwide funding search targeting traditional national, regional & community banks; SBA lenders; & hard money sources has been unsuccessful for numerous reasons - not the least of which is their objection to financing or investing in our type of business.  We've a track record to share and a story to tell as we market our "new" resort to a large & generally untapped upscale customer base throughout Texas as well as both nationwide and internationally.