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Seffner-based Lazydays says it closed on a $35 million mortgage loan facility funded by clients of Coliseum Capital Management.
The loan is secured by mortgages against certain dealership facilities and land held for future development. It bears an interest rate of 12% and matures in December 2026, the company says in a Tuesday news release.
The apparent aim of the facility is to own, not rent.
Company officials say the loan 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 loan facility will allow Lazydays to focus on an "ownership strategy, while providing liquidity" as it locates other real estate financing. Lazydays says examples include 2023 mortgages executed earlier in 2023 in Knoxville and Murfreesboro, Tennessee, where the Tampa Bay company located dealerships.
Lazydays had been on an acquisition spree in 2023. In November, it acquired Orangewood RV Center of Surprise, Arizona. It became the company's 24th location. And it was one of five 2023 acquisitions.
Lazydays has been a prominent seller in the RV industry since 1976. The publicly traded company, traded on NASDAQ with the ticker LAZY, surpassed $1 billion in revenues in 2021.
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