ATV Club Looking for Lender to Assist with RTP Grant
We have received a request from an OHV club (501c7) that has received a $400,000 RTP grant to purchase a piece of property for a riding area. The land must be purchased with a recorded recreation easement. The terms of the grant recently have been changed to require that the easement be granted to a local government entity.
The problem the club is encountering is that no lending agency is willing to offer them a mortgage (for $400,000) for the property since the easement reduces the assessed value of the property to less than $300,000, and probably the only entity willing to purchase the property if the mortgage goes into default would be a government entity.
Has anyone had a solution to finding a lender under these conditions?
If you have information we can use, please send it to: email@example.com.
Please reply as soon as possible since the club is under a very tight deadline to close on the grant.
As always, we thank you for your assistance,