Recently, David Donnelly completed the purchase of The Summit Vacation Resort, a 30-year-old 5-star resort and RV park in New Braunfels, TX. It features a variety of amenities including a club house and meeting rooms, restaurant, multiple pools and hot tub, playground, miniature golf, tennis courts, gym, tube rentals, laundry facility, and hiking trails. The resort sits on the Guadalupe River, providing easy access for fishing, tubing, kayaking, and swimming. Additionally, the property has an existing RV park with 106 sites, 30 cabins and 12 villas available to rent on a daily, weekly, or monthly basis.
“Several banks turned me down. They required traditional financing and at least 50% down,” Donnelly said. “Without the help of Capital CDC and Green Bank, we would have never considered an SBA loan. The flexibility of Green Bank combined with Capital CDC’s guarantee behind us made it a perfect fit for this project.”
David met with Green Bank's Commercial Banker Kristi Mabry and Capital CDC's Loan Officer Amy Cooper in Austin, Texas. He said, “The people at Green Bank were great and put the effort in to get this project financed. The SBA process was easy and Capital CDC was a huge help. They were both willing to put in the work.”
“Green Bank is thrilled to get this project financed,” said Commercial Banker Kristi Mabry. “We look forward to visiting The Summit Vacation Resort as guests—as good as it looked on paper; the real thing is better.”
Donnelly is off to a great start and working to improve the park’s financial performance. He immediately transformed the members-only resort into a public resort and the change has impacted revenue significantly. Currently, his team is working on a friendlier website, optimized for attracting more web traffic.
Capital CDC is thrilled for Mr. Donnelly and thankful for Green Bank’s partnership to get this project financed. For more information on The Summit Vacation Resort, please visit http://www.summitvacationresort.com/.