Refinance owner carry-back loan
1. Executive Summary
Lazy 3X is seeking a $2,800,000 bridge loan, secured by the entire Lazy 3X Ranch Portfolio, with the intention to transition the bridge facility into a long-term permanent loan after stabilization of debt structure, appraisal alignment, and financial consolidation.
The collateral package totals $23,423,000 in appraised value across irrigated farmland, grazing tracts, livestock production areas, and operational improvements.
The bridge loan will:
• Pay off existing notes
• Consolidate multiple obligations into one facility
• Position the borrower for a permanent refinance under improved financial clarity and reduced leverage
Lazy 3X generates substantial operating income (~$1M annually) and holds over $42M in total assets, providing strong repayment support.
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2. Purpose of the Bridge Loan
The bridge loan is being requested to:
- Refinance and retire existing secured obligations across the Lazy 3X Ranch Portfolio (Current total debt ~$10M, of which $5M–$10M needs to be refinanced immediately)
- Clean up the capital stack—multiple lenders, irregular amortization schedules, and legacy note structures will be consolidated.
- Prepare for a permanent loan refinancing
This includes:
• unified collateral documentation
• updated appraisals already completed
• streamlined entity-level ownership
• debt reduction and improved DSCR
- Enable operational and financial stability during the transition period
The bridge loan provides the runway needed to finalize operational alignment and pursue long-term permanent financing with banks or ag lenders.
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3. Collateral – Unified Borrowing Base
The bridge loan will be fully secured by the entire Lazy 3X Ranch Portfolio, which includes:
A. 713 S Road Agricultural Operation (Five Parcels)
Appraised Value: $6,820,000 (2025)
Five legally distinct parcels functioning as one integrated 489.23-acre agricultural operation consisting of:
• Irrigated cropland
• Livestock support & infrastructure
• Two residences
• Employee housing
• Outbuildings & storage
• Water rights & irrigation systems
This is the operational headquarters of Lazy 3X.
B. Additional Lazy 3X Ranch Parcels
Appraised Value: $16,603,000 (2025)
As stated in the appraisal:
“The subject consists of multiple, non-contiguous individual parcels… utilized for livestock use.”
“…a total, combined appraised value of $16,603,000.”
These parcels include:
• Grazing units
• Pasture & rangeland
• Livestock production areas
• Agricultural improvements
Some parcels are titled in affiliated ownership entities within the Lazy 3X organizational structure, all of which will be pledged for the bridge loan.
C. Total Collateral Summary
Collateral Group Appraised Value
713 S Road (5 parcels) $6,820,000 (Our new loan 1st position
Additional Lazy 3X Ranch Parcels $16,603,000Our new loan can be in 2nd position behind $5,000,000)
Total Collateral Value $23,423,000
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4. Bridge Loan Request Terms
Loan Amount:
$2,800,000 – $10,000,000
Loan Type:
Short-term bridge loan (with lender’s option for permanent conversion)
Collateral:
Entire Lazy 3X Ranch Portfolio
Use of Proceeds:
• Payoff and consolidation of existing notes
• Restructure debt under cleaner terms
• Prepare for transition to long-term permanent financing
Repayment Sources:
1. Operating income (approx. $1M annual net income)
2. Permanent loan take-out after consolidation
3. Sale or partial release of non-core parcels (if beneficial)
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5. Permanent Loan Take-Out Strategy
The bridge loan will be replaced by a long-term agricultural mortgage once the following milestones are achieved:
- Completion of title alignment across all collateral parcels
- Consolidation of legacy notes
- Stabilized debt service profile
- Clean financials post-refinance
- Optional debt reduction via operational cash flow
Permanent Loan Options Expected:
• 20–30 year amortization
• Fixed or floating rates
• Secured by the same collateral pool
• Potential eligibility for ag lenders, banks, Farm Credit, or FSA-backed loans
Bridge-to-perm structure is intentional and strategic: the bridge lender enables cleanup, and the perm lender steps in at lower risk.
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6. Borrower Profile & Financial Strength
A. Asset Base
• Total assets ~ $42.5M
• Strong equipment fleet, livestock inventory, and improvements
B. Net Worth
• ~$22M in owner equity
C. Operating Performance
• ~$1M annual net income
• Stable livestock and feedlot operations
• Meaningful crop production and land productivity
D. Operational Stability
• Experienced management
• Scalable agricultural footprint
• Long-standing revenue streams
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7. Summary & Strengths for Lenders
- Extremely Conservative LTV (21%–42%)
- Additional property may be use in second position behind 5,000,000 first. Fully appraised collateral totaling $23.4M
- Strong operating cash flow to service bridge & perm loan
- Clean bridge-to-perm structure reduces long-term credit risk
- Multi-parcel cross-collateralization provides robust security
- No cash-out — strictly refinance & consolidation
This places Lazy 3X as an ideal candidate for a well-secured bridge facility with a clear path to permanent financing.
ATTACHED:
• Appraisals
• P&Ls
• Balance Sheet
• Equipment List
• Vehicle List
• Credit report
