Lazydays today announced that it has closed on a $35 million mortgage loan facility funded by clients of Coliseum Capital Management.
The facility is secured by mortgages against certain dealership facilities and land held for future development. It bears interest at a rate of 12% and matures in December 2026.
The facility provides both liquidity in the current operating environment and flexibility to secure alternative financing arrangements on a property-by-property basis in the future. Owning and financing dealership locations is core to Lazydays’ strategy as it maintains site control and prevents fixed costs from increasing due to rent adjustments over time. The transaction allows the company to continue to execute on its ownership strategy while providing liquidity as it locates other real estate financing, similar to the mortgages funded earlier this year in Knoxville and Murfreesboro, Tennessee.
Lazydays said it intends to use the net proceeds from the facility for general corporate purposes.