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Construction
New construction presents unique challenges for a proprietor. In addition to identifying a site, coordinating architects and engineers, securing building permits, making numerous decisions about equipment purchases, and securing both construction and permanent financing, he generally must manage his existing center through a process that can take more than a year. Ken Paton can provide an experienced view on this process having gone through it as a developer and builder plus as an advisor to bowling proprietors.
Financing for this 32 lane center was turned down by six banks because the previous 24 lane center did not produce enough cash flow to service the debt service for the new larger facility. Ken was able to secure two written commitments for financing. It is now exceeding the proprietor's projections. |
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