Why so many country clubs are undertaking massive capital-improvement projects | Courses
“We’ve been doing this for 35-plus years, and I don’t suppose there’s ever been a interval like this,” says Frank Useless, president of the McMahon Group, a consulting agency that helps non-public golf equipment work out how and when to speculate their capital.
The spending spree might be attributed to a handful of causes, beginning with traditionally low rates of interest. “What’s attention-grabbing is the provision of capital,” Useless says. “It was you possibly can borrow cash for 3 to 5 years at these charges, topic to a reset. We’re seeing golf equipment safe as much as 10-year-fixed-rate mortgage commitments within the 4-percent vary on notes of $10 million or extra. That is actually totally different than different intervals.”