The Crooked Creek Golf Course is a step closer to financial security, thanks to a recent refinancing agreement they entered into with First National Bank of Cordell.
When the golf course was first developed, the board borrowed $250,000 from several area banks, said board member Jerry Burrows. Since that time, the board has made monthly payments of $1,700 on that loan, an amount that has at times created cashflow difficulties for the golf course. “It’s been a real
“It’s been a real struggle at times, trying to make this work,” Burrows said.
Burrows said the board, over time, has managed to pay the balance down to about $140,000. The board then worked with First National Bank to refinance the balance of the loan, and added an extra $30,000 to create a cushion the board can use to offset anticipated expenses, such as equipment repairs and replacements.
With the refinance, the golf course expects to save about $600 in monthly payments. The private financing, which replaces a government-backed loan, also means the board won’t have to bear the burden of an annual government-required audit, which will save an additional $3,000 annually.
“I just wanted to send out a good word and my thanks to First National Bank for helping us out with this,” Burrows added.