Equity Narrative · Lender Reference
Understanding who owns the camp — and how we got here.
$2.2M Acquisition Valuation
$1.5M Convertible Note
$3.3M Recap Valuation
$4.4–5.2M Post Recap Equity
How We Got Here
The Investment Journey
August 2022
Acquisition
A friends and family raise to acquire Camp Rendezvous (now Hover Camp) from Candy and Randy Moffit. 20 total partners in various positions.
$2.2M valuation
December 2025
Bridge Round
7 original partners + a family office contribute pro rata capital in the form of a convertible note to fund pre-construction and improvements. Convertible to equity at original valuation ($220/share).
$1.5M bridge loan
April 2026
Recap + Conversion
Once the construction loan has been approved, the family office will initiate a direct buyout of 13 original partners at 1.5x entry price ($330/share). The FO and remaining partners will exercise their option to convert the bridge loan to equity. The FO and 2 partners have committed to converting to equity, two partners will pull, and three are undecided. Total equity in project will be at minimum $4.4m, up to $5.2m.
$4.4–$5.2M
May 2026
Construction Begins
Post recap, equity conversion, and construction loan funding, Hover Camp will have a clean cap table and a single lender. Matt Thomas will be the sponsor and Managing Member and will self-perform to a post-stabilization value of 15–20m. Total loan: $8.5M
$8.5M total loan
Capital Structure
Where the Loan Proceeds Go
Bank Loan
$8.5M
Senior Debt
Construction
~$7M
55 units, amenities, infra
Seller Note
$725K
Retired at close
Bridge Redemption
$225–$765K
Undecided partners
Construction
~$7M
55 units, general store, and fly shop.
Seller Note
$725K
Retired to clean up the balance sheet.
Bridge Loan Redemption
$225–$765K
Undecided partners must choose prior to loan funding.
Ownership Detail
Total Equity
Acquisition
$2.2M
Friends & family raise · Aug 2022
Recap
$3.3M
10,000 shares @ $330/share
Note Conversion
$4.4–5.2M
Post-conversion range · FO + bridge partners
What the recap accomplishes for the lender: The direct buyout removes 13 passive, small-dollar investors from the cap table — eliminating future consent complexities, simplifying governance, and concentrating ownership in a small group of committed, experienced partners. The bank's collateral will be held by a clean, professionally managed partner group.
Hover Camp
Matt Thomas — Managing Member matt@hover.camp (303) 378-6161
This document is provided for informational purposes in connection with potential financing discussions. All share counts, valuations, and percentages are based on the cap table as of the date of this document and are subject to change upon final closing. The "If all TBD's Roll" scenario is presented as a planning assumption. This is not an offer to sell securities.