The Iron Lantern · Lender Working Plan · Version 7.3

Executive Summary

The Iron Lantern proposes to acquire and operate the existing 800-plus-acre managed whitetail ranch at 1125 Chaput Drive in Sears, Michigan, then broaden it into a four-season outdoor destination anchored by hunting, 40 campsites and a summer inflatable aqua park.

Credit thesis: finance the land-and-hunting foundation and a practical camping/recreation opening—not speculative robotics. Distinctive lodging, outdoor AR and technology are phased only after the core business proves safety, demand, margin and debt-service capacity.

Transaction and capital snapshot

≈ $2.012MLender-oriented modeled property price, subject to appraisal, seller records and diligence.

$1.0MMaximum planned owner investment across equity, opening capital, closing costs and reserves.

$2.5MAbsolute property-price ceiling; not currently supported by base eligible cash flow without improved terms or verified earnings.

The illustrative $3.0 million total project at a $2.012 million acquisition includes approximately $110,000 for diligence/closing, $650,000 for the Phase 1 opening package and $228,000 for working capital/reserve. The final capital stack must protect liquidity and may use SBA-eligible debt, conventional debt, seller financing or a combination approved by the lender.

Phase 1: spring takeover and opening

Window	Primary objective
Close + 30 days	Full building, herd, fence, utility, road, water, septic, forestry and safety diligence; preserve existing hunt bookings.
Days 31–75	Complete scopes and approvals for 40 campsites, sanitation/utilities, aqua-park parking, pavilion, gate/check-in, communications and emergency routes.
Days 76–105	Install and test; separate hunt/guest zones; train staff; coordinate responders; conduct a controlled soft opening.
General opening	Open only after insurance, inspections, permits, safety procedures, staffing and written readiness sign-off.

Revenue model

Hunting: preserve the operational ranch; track stays and hunt packages separately from scored trophy or harvest fees.
Camping: 40 opening sites plus RV, group and select backcountry formats, with inside-the-gate firewood, ice, vending and rentals.
Aqua park: high-throughput, comparatively low-capital summer admissions, family/season passes and prepaid group sessions.
Ancillary: paddleboards, pedal kayaks, canoes, fishing, pavilion use, equipment, guides and merchandise.
Later phases: specialty cabins, container/caboose/fuselage lodging, disc golf, winter group space, ropes course, forestry/STEM, outdoor AR and robotics pilots.
Timber: excluded from recurring underwriting until a qualified forest inventory and sustainable harvest plan are verified.

Base lender economics

Year 1 modeled revenue	$1,104,825
Year 1 modeled CFADS	$321,264
Eligible Year 1 CFADS	$284,973 after excluding provisional timber and Phase 2 STEM/AR contribution
Target debt-service coverage	1.25x
$2.5M purchase gap	Approximately $69,000 of additional eligible recurring CFADS under the planning debt terms

The Financial Plan contains the five-year revenue, CFADS and DSCR schedule, downside controls and purchase-price bridge. Final underwriting must replace planning assumptions with appraisal, tax returns, booking history, herd/trophy records, fixed opening bids and lender terms.

Competitive advantage

The concept combines a scarce large-land hunting asset with broad family camping and water demand, inside-the-gate convenience, organized group formats and a strong Iron Lantern identity. The mascot family—sasquatch, eagle, a man with his dog and a robotic assistant—supports a memorable rugged-future brand without weakening the lender narrative.

Principal risks and mitigations

Risk	Mitigation
Deferred maintenance and restricted building access	Full pre-close access, specialist inspections, price discipline and controlled reserves.
Regulatory/insurance delay	Written agency and carrier determinations before irreversible spending or public promises.
Seasonality and weather	Hunting, camping, groups, timed aqua sessions and later winter/shoulder offerings.
Herd and biosecurity	Verified inventory, testing, identification, fencing, movement, mortality and escape procedures.
Execution complexity	Separate operating zones, one manager controlling daily mode and stage-gated expansion.
Overpaying	Negotiate below $2 million where possible; use approximately $2.012 million as the current modeled lender-supported price and retain the $2.5 million hard ceiling.

Funding request and next evidence

The borrower seeks acquisition and eligible startup financing structured to preserve the owner’s working-capital reserve. Prior to commitment, provide appraisal/title/survey, seller tax returns and normalized operating history, transferable bookings/deposits, herd and harvest-fee records, building and infrastructure reports, campground/aqua approvals, insurance indications, fixed Phase 1 scopes, management resumes and a reconciled sources-and-uses schedule.

Investment conclusion: at a disciplined price and with a spring closing that leaves enough time and liquidity to open camping and the aqua park safely, The Iron Lantern can convert an under-operated hunting property into a diversified cash-flowing destination while preserving optional high-margin upside.

Planning framework only. All financial, legal, property, regulatory and operating assumptions require professional verification before lender submission or closing.