Textron Financial No Longer Offers Golf Mortgage Financing

Textron move will probably inhibit developers’ and bankruptcy trustees’ efforts to unload underperforming golf assets.

Palm Coast, Florida – February 27, 2009Textron Financial Corp. has long been a leader in the golf mortgage financing business. Citing "unprecedented and turbulent changes in the global financial markets, " the company announced that it will no longer originate new golf course mortgage loans. It will continue to service existing loans until maturity or until a new lender is found. Future lending will be limited to financing the purchase of other Textron products, including Cessna aircraft, Bell helicopters, E-Z-GO golf carts, and Jacobsen turf care products.
Textron’s decision comes at a time when the golfing industry is suffering. Revenues are down while fixed costs remain stubbornly inflexible. Many high value real estate developments anchored by signature golf courses are suffering from a dearth of home and lot sales, unfilled membership rosters, and delinquent dues. Several high visibility courses are involved in bankruptcies. A disruption in available financing will make it even more difficult to sell these assets. Cash will be king and prices will be low.
Join GoToby.com. Become a member and receive email notices of new postings (click here). It’s free.
2 replies
  1. LouM
    LouM says:

    Try tennis.

    Golf is an expensive sport to play.

    Developers used the golf course as a sales tool to sell real estate.

    The need for new golf courses are in the decline so lack of mortgages for golf courses will not be a major issue.

    If you can’t find a suitable tee time on a local golf course, you can always go to the Tennis Center for a set or two of tennis.

    Tennis players believe that it is more challenging to hit a moving tennis ball then to hit a stationary golf ball. 🙂

  2. yoganand
    yoganand says:

    India,s Bangalore based coffee countyresorts stand

    REG NO.HSN.F43-2007-08
    MOBILE : 009886106230

    Head office Address : Building No.8, Indira Nagara, Arsikere Road,
    HASSAN,Karnataka state,India country


    Sub : Our Loan for 150Individual 5-7 star poolvilla,s SPA Resort 40milion US$.
    We from India,s – in world big Information Technology & Bio-Technology
    hub Bangalore based coffee county Resorts & SPA.
    Bangalore is America’s Bigger then Information Technology & In world
    Leading number
    2 soft ware Export hubs,Space hubs,Aironutic hubs, Bangalore,Also in
    world kinds of Software
    companies Huge investment to Bangalore. So Bangalore 4 -5Million
    more Software tikes ,Revealers etc .
    So Bangalore star hotels always 100% Occupancy business. So corporate
    Exports, revilers, etc a night staying fly to 1400KM. So we planed
    set up 300 Individual poolvilla’s , SPA ,Golf Resort. Its first pace
    from 150, Individual poolvillas, we open from 20months.opne villas,
    before booking from AP Plane.
    Its Bangalore based Coffee County Resorts & SPA, we registered
    company, we had Own commercial site , ,It is always rich green coffee
    estate, site existing 2 number big lakes for Boating, site had always
    rich green kinds of green trees, kinds of Bird songs-watching ,peacock
    green kinds of green trees, kinds of Bird songs-watching ,peacock
    Sounds, nature steadies, trekking in side the green coffee estate,
    step into hanging bridge, tourist visit to 400 more 12 centuries King
    HOYSALA,S temple handmade by stone carving jewelry works Incredible!

    Also its temples world fame’s. Site in world kinds of green coffee
    estate in side trails,SPA , Golf. It site attractive in world kinds of
    rich & long time staying tourists, Revealers. Also site view 3 side
    open-to-Sky step by step earth cutting kinds of colors Paddy cove
    amazing View !

    Also Resort site located 5 big Software Exports hubs & Biotechnology hubs
    cities,3 big SEZ zones,2 International airports, 5 corporate cities,7
    Universities & world
    Heritage UNESCO approved 4 heritage centers nearest our resort site.

    Also resort place Sakaleashpur-Hassan always rich floating zone from
    International & Domestic tourists. Also place had India’s all metro
    cities connect NH 4 lane Bus & Trains Roads.

    We planed attractive world wide difference kinds of rich long time
    staying tourists & attractive Asian paci-fic Region countries golf
    plays, Honey moon rs, cupples etc.
    Its one pool villa, 12 squires, 2 number open-to-Sky, courtyard,Lobby,leaving
    hall, swimming pool,etc.

    It is truly Old Charm type of concept pool villa’s, so rich attractive
    world wide Software groups& Bio ticnolagi companies, Honey moon rs,
    couples, corporate, International & Domestic delegations, Golf
    players, Revealers, Kinds of rich, long time staying tourists, etc.

    Also we planed Affiliate kinds of etc groups. Also we planed Install
    India’s all metro cities Booking Agents & worldwide also in Bangalore.
    So coffee county pool villa,s always absolutely 100% occupancy business.
    NOTE: we get all permit ion from govt. of department, So we looking by
    stand 150 number individual pool villa’s 40-Million USD Investor.
    Open villa’s before 10-12month we start online Booking.
    Coffeecounty resort offers its customers & range of accommodation from 5-7star.
    Also we planed kinds of Tariff a individual pool villa’s for AP plane,
    Like one pool villa weekdays-780US$. weekend days 860US $, X-mas
    Holidays 1090US$.Also we planed kinds of Packages, Like Holidays
    packages, monsoon package, Honeymoon’s Package etc, it is Kinds of
    Tariff. We proves Eco-tourism.
    India is a dynamic country with strong economic fundamentals and
    favorable demographics, with projected annual GDP growth of more than
    20% through 2018 and a rapidly urbanizing population of 1.2 billion.
    India currently has 42 cities of over one million people, a number
    expected to grow to nearly 70 by 2030. These cities are projected to
    generate 70% of the country’s GDP. Travel and tourism are forecast to
    grow at rates similar to those of the broader economy and the
    hospitality sector is projected to double in size over the next seven
    years. Lastly, India has some of the lowest per capita hotel room
    penetration rates in the world, and product targeting the
    value-conscious business traveller is significantly undersupplied.

    $1.7 trillion economy; projected to multiply 5x by 2030

    20% GDP growth in 2020

    1.2 billion population, 60% under age 35

    Rapidly urbanizing population with 42 cities 1 million people

    Very low per capital hotel &Resorts villas-room penetration rates

    Hospitality sector projected to double over next 7 years
    Also we planed setup resorts India’s all metro cities & Asian paci-fic
    Region. So we send to you coffee county pool villa’s Proposal bird eye
    view files etc, send to us your email-id
    contact us by skype-id
    we request you contact immediate-Don’t hesitate us, it is rich
    Opportunity for you & send to us principal &concern email address.
    This site in world kinds of colors view, kinds of view individual
    poolvilla’s SPA, Golf Resort. Fully Eco-friendly Rich Green
    Attractive Resort&Creat huge Job to youths.
    We stand by looking 150Individual poolvilla,s Spa resort 40million
    USD Mortgage loan Investor.
    Also we planed setup resorts India,s all metro cities& Asian pacific
    region.2018.Also US Drone Aero Croft 20billion US$ Investment to setup
    Aero croft plant at Bangalore. Also in world kinds of Investor rich
    interest investment to Bangalore& British groups Billion Investment to
    Mumbai to Bangalore Road Corridor project.

    Kinds of regard

    C Yoganand
    Coffeecountyresorts&Y Smith hospitality

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply