The Iron Lantern · Lender Working Plan · Version 7.3

Financial Plan

A land-and-hunting-led acquisition model for an operating 800+ acre whitetail ranch in Sears, Michigan, with camping and an inflatable aqua park completed before opening.

Credit position. The owner will invest up to $1,000,000. The purchase-price ceiling is $2,500,000, but the current base case supports an estimated lender-facing purchase price of approximately $2.01 million. At $2.50 million, eligible Year-1 cash flow is about $69,000 short of the modeled debt-service requirement.

Acquisition guardrails

Supported price

≈ $2.012M

Modeled to a 1.25× eligible DSCR constraint.

Equity available

$1.0M

Subject to final allocation among equity, closing, working capital and opening improvements.

Absolute ceiling

$2.5M

Negotiating cap, not the current underwritten value.

Opening standard

40 sites

Plus aqua-park parking, gate, pavilion and guest-support basics.

Revenue architecture

The model separates lodging from the animal harvest. A hunter may pay for a stay, guide or package and then pay an additional trophy/harvest fee based on the animal taken. This prevents room revenue from obscuring the core economics of a managed whitetail operation.

Hunting

Day access and seasonal packages
Guided hunts
Separate trophy/harvest fees
Non-hunter companion stays
Range, scouting and skills clinics

Camping + lodging

40 initial campsites
RV and seasonal sites
Backcountry and group camping
Cabin, caboose, container and fuselage stays
Winter group lodge/pavilion use

Summer attraction

Inflatable aqua-park admission
Reserved sessions and group buyouts
Pedal kayaks, paddleboards and canoes
Parking and pavilion concessions
Church, Scout and youth-group programs

High-margin add-ons

Firewood delivery and ice
Vending and camp-store essentials
Food-prep and outdoor-cooking guides
Equipment rental and storage
Disc golf, events and sponsorships

Five-year base case

Year	Revenue	CFADS	Modeled DSCR
Year 1	$1,104,825	$321,264	1.13×
Year 2	$1,333,000	$419,000	1.47×
Year 3	$1,553,000	$505,000	1.77×
Year 4	$1,790,000	$592,000	2.08×
Year 5	$2,045,000	$690,000	2.42×

Years 2–5 are planning estimates and must be reconciled to vendor quotes, capacity, permits, insurance, market testing and the final debt structure before submission.

Eligible cash flow and lender treatment

Year-1 total CFADS: $321,264. Eligible underwriting CFADS: $284,973 after excluding timber and Phase-2 concepts. This distinction keeps one-time forestry proceeds and unproven future attractions from carrying the acquisition loan.

Timber: treat harvest income as supplemental and professionally inventoried. Obtain a forester’s cruise, species/volume schedule, harvest plan and written bids; do not capitalize an unverified timber estimate into recurring operations.
Deer: validate herd inventory, mortality, genetics, harvest history and trophy-fee realization during diligence. The reported count of roughly 240 deer from about two years ago is a diligence lead, not a current verified count.
Aqua park: include only after water, zoning, parking, emergency-response, inspection and insurance requirements are confirmed.
Camping: 40 sites and guest infrastructure are pre-opening requirements. Opening timing must allow spring construction, approvals, inspections and a controlled soft launch.

Sources and uses framework

Use	Treatment
Land-led property acquisition	Negotiate from appraised land, hunting operation and verified income; buildings receive conservative value due to deferred maintenance and limited inspection.
Closing, appraisal and diligence	Include lender, legal, environmental, survey, title, inspection, herd and forestry work.
Phase-1 guest infrastructure	40 campsites, aqua-park parking, pavilion, vending, gate/check-in, sanitation, utilities, safety and signage.
Working capital and contingency	Maintain a documented reserve sized to seasonality and the spring-to-summer opening ramp.

Credit tests before submission

Monthly five-year profit-and-loss, cash-flow and balance-sheet model.
Debt schedule using the lender’s actual rate, amortization, guaranty and fee assumptions.
Base, downside and delayed-opening cases with at least 1.25× DSCR as the working minimum.
Break-even occupancy, aqua-park attendance and annual harvested-animal thresholds.
Three years of seller financials, tax returns, booking records, hunt contracts and harvest-fee receipts.
Appraisal allocation among land, improvements, equipment and business value.
Documented opening budget; labor remains excluded until separately requested and estimated.

Phase discipline

Phase 1: hunting continuity, 40 campsites, aqua park, parking, pavilion/vending, core rentals and automated entry/check-in. Phase 2: more RV capacity, distinctive lodging, group/winter space, disc golf and expanded programming. Phase 3: ropes/high-adventure, outdoor AR arena, robotics demonstrations and retail, automated grounds care, forestry digital twins and guest-assistance technology.

Bank message. The Iron Lantern is not asking the lender to finance a science-fiction concept. The acquisition is supported first by land, an operating hunting ranch, separated hunt and harvest economics, and achievable Phase-1 camping and water recreation. Technology expands only after core operations meet measured gates.

Working plan for discussion; not an appraisal, legal opinion, permit determination, insurance quote or commitment to lend.