HomeMy WebLinkAboutBozeman Revolving Loan Fund Committee Meeting Minutes Oct-2020 through March-2021 BOZEMAN REVOLVING LOAN FUNDS COMMITTEE SUMMARY
ZOOM meetings occurred:
10/1/20
11/19/21
12/17/20
1/21/21
2/18/21
2/18/21
3/5/21
3/18/21
Otherwise, meetings were not held or email summaries were sent in lieu of zoom meetings.
BOZEMAN REVOLVING LOAN FUND COMMITTEE MEETING
MINUTES
October 1, 2020
1:30 PM
on
ZOOM
Committee Members Present: Brit Fontenot,Michael Wallner,Tracy Menuez,Richard (RJ) Patch.
Prospera Staff Present: Cherie Nugent, Ross Hoyle
1:32 PM Call Meeting to order
1:31 PM Introduction
1:35 PM Review Loan Portfolio
(a) Summary
(b) Discussion Points
a. Helio Collective—Repayment Options.
b. Bozeman Fiber (Bozeman RLF) —Payments.
c. EDCMT—Loan Extension Approved.
1:50 PM Action Items
(a) Estimate payments for Bozeman Fiber (Gallatin RLF)
a. FIB: r=4.625%w/ amortization of 20 yrs.
b. Prospera: r-6%w/ amortization of—yrs.
c. 1"Security: r=4%w/ amortization of 10 yrs.
d. BZN Fiber estimated r=6%w/ amortization of 10 yrs.
(b) EDCMT
a. Extension was approved.
2:15 PM Adjourn
LN#57 HELIO
Loan Summary and Discussion.
• Any proposed requests should be noted with an email and using a clear subject line to aid
in committee members identifying Prospera loan committee emails from all other emails.
Additionally, it was noted that proposals are fine for emails to inform members on
updates but that meetings will be required on all loan term changes or requests.
A)i * �rj t E 0 15 0 jj
BOZEMAN REVOLVING LOAN FUND COMMITTEE MEETING
AGENDA
November 19, 2020
12:00 PM
on
ZOOM
12:00 PM Call Meeting to order
12:01 PM Introduction
12:05 PM Review Loan Portfolio
(a) Summary
(b) Loan Loss Reserve Review in December.
a. Collateral Spreadsheet for GAAP Analysis.
(c) Discussion Points
a. Bozeman Fiber (Bozeman RLF) —Discuss I/O Payments.
b. EDCMT—Paid in Full.
c. Ghost Town Coffee—Need 2020 Financials.
12:25 PM Action Items
(a) Estimate payments for Bozeman Fiber (Gallatin RLF)
a. FIB: r=4.625%w/ amortization of 20 yrs.
b. Prospera: r=6%w/ amortization of_yrs.
c. 1"Security: r-4%w/ amortization of 10 yrs.
d. BZN Fiber estimated r=6%w/ amortization of 10 yrs.
12:30 PM Adjourn
BOZEMAN REVOLVING LOAN FUND COMMITTEE MEETING
AGENDA
December 17, 2020
12:00 PM
on
ZOOM
12:00 PM Call Meeting to order
12:01 PM Introduction
12:05 PM Review Loan Portfolio
(a) Summary
(b) Discussion Points
a. Bozeman Fiber (Bozeman RLF) —Discuss I/O Payments.
12:25 PM Action Items
(a) Abstention of any interested party.
(b) Vote to:Approve or Deny extension terms for Bozeman Fiber—no
extension fee w/ r=4.0% &amortization of 10 yrs.
(c) Participating banks agreed to 6 month extension thru 6/24/2021 w/ no
extension fee. Summarized as follows:
a. FIB: r=4.625%w/ amortization of 20 yrs.
b. 1"Security: r=4%w/ amortization of 10 yrs.
12:30 PM Adjourn
Attended by RJ Patch,Tracy Menuez, Michael Wallner, Scott Nicholson
Bozeman Fiber—Updated committee with decision made on other loan. Would like to have the
same terms on this loan.
Michael—Fully supports Bozeman Fiber
Tracy—supports them
6 months extension
Keep 6%interest rate
Motion to approve new terms: 1"by Michael;2"a by Tracy.
Tracy brought up Ghost Town—need to submit updated financials. Requested that Prospera
reach out for updated financials.
Ross Hoyle
From: Ross Hoyle
Sent: Wednesday, December 9, 2020 4:00 PM
To: Brit Fontenot; Michael Wallner; Tracy Menuez; Scott Nicholson; Richard (R1) Patch
Cc: Carolyn Murray; Cherie Nugent
Subject: BZN RLF Committee -Zoom Mtg on 12/17/20
Attachments: BZN Meeting Agenda 12 17 2020.docx; BZN Loan Summary December 2020.docx;
12.17.20 Int Only Request; Extension to 6 24 21.docx; BZN Fiber Financials - October.pdf
Good Afternoon, Bozeman Loan Committee:
In advance of our meeting on Thursday, December 17th at 12:00pm please see attached for the: 1)Agenda, 2) Portfolio
Loan Summary, and 3) BZN Fiber Extension Request& Financials. Please note we will be voting next week on the
Bozeman Fiber loan extension, as it matures 12/24/20. Brit, I know you will be abstaining from voting so just need to
ensure we have enough voting members present.
Please let me know if you have any questions. Thank you all for your efforts!
Ross
Ross Hoyle I Loan Funds Manager
2015 Charlotte St., Ste. 1 1 Bozeman, MT 59718
(406) 587-9565 Direct
www.prosperamt.org
sa
CONFIDENTIALITY
The information in this email is confidential and may be legally privileged. It is intended solely for the addressee.Access to this email by anyone
else is unauthorized. If you are not the intended recipient,any disclosure,copying,distribution or any action taken or omitted to be taken in
reliance on it,is prohibited and may be unlawful.
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BOZEMAN REVOLVING LOAN FUND COMMITTEE MEETING
AGENDA
January 21, 2021
12:00 PM
on
ZOOM
12:00 PM Call Meeting to order
12:01 PM Introduction
12:05 PM Review Loan Portfolio
(a) Summary
(b) Discussion Points
12:25 PM Action Items
12:30 PM Adjourn
Reviewed BZN loan portfolio.
Reviewed BZN RLF balance as of December 31,2020.
Brit—How can we get this money out into the public? Referenced the Bozeman Fund, Who are
the target clients, or market?How do we reach out to them?
Brit shared how we teamed up to make the Bozeman Fund happen and how pleased he is with
the support.
BOZEMAN REVOLVING LOAN FUND COMMITTEE MEETING
AGENDA
February 18, 2021
12:00 PM
on
ZOOM
12:00 PM Call Meeting to order.
12:01 PM Introduction.
12:05 PM Review Loan Portfolio:
(a) Summary
(b) Discussion Points
a. Confirm Loan Loss Reserve Amount.
(c) Discuss Future Loan Requests:
a. Prospective Leads from BZN Micro Loans:
i. Altitude Gallery,LLC (mtg 2/22).
ii. Indulgence (mtg 2/22).
12:25 PM Action Items:
a. Approve Loan Loss Reserve Amount per Memo.
12:30 PM Adjourn
BOZEMAN REVOLVING LOAN FUND COMMITTEE
MEETING MINUTES
February 18, 2021
12:00 PM
On ZOOM
In attendance: Brit Fontenot, RJ Patch, Michael Wallner,Tracy Menuez,Scott Nicholson
Staff in attendance: Ross Hoyle, Carolyn Murray,Cherie Nugent(took notes)
Discussion on Loan Loss Reserves Memo
RJ asked who other than The Eating disorder clinic had paid off?He was looking for an explanation for the
recommendation.
Carolyn explained the difference.
Motion to approve Loan Loss Reserves by Scott Nicholson 2nd by Michael Wallner-All Approved
Ross Hoyle
From: Ross Hoyle
Sent: Tuesday, March 2, 2021 4:00 PM
To: Brit Fontenot; Michael Wallner; Tracy Menuez; Scott Nicholson; Richard (RJ) Patch;Jon
Ayres; Bert Bartle; Clinton Gerst;Alyssa.McClellan@wellsfargo.com; Callan Nagy;
KRISTINE MENICUCCI
Cc: Carolyn Murray;Cherie Nugent
Subject: Prospera Business Network- Loan Request -GV Carpet One - mtg 3/5 at 4pm
Attachments: Attachments.html
Good Afternoon, BZN & IRP Loan Committee Members:
Please see attached for a new Prospera loan request for Gallatin Valley Carpet One in amount of$300,000 to be funded
w/$150,000 of IRP RLF and $150,000 of BZN RLF. For those able to attend,we will be meeting on ZOOM on Friday
March 5tn at 4pm to review and vote on this request; it will be a joint committee of both Bozeman and IRP members.
Following your review, please let me know if you have any questions. I've attached the files using Citrix as a secure
delivery system so please let me know if you have any difficulties accessing the attachments.
Looking forward to seeing those able to attend!
Ross
Citrix Attachments Expires August 29, 2021
Financial Analysis - Carpet One 2 23 21.xlsx
Flooring Financials - December 2020.pdf _.
GV Carpet One Projections.pdf
GVC1 Accounts Receivable Aging Report 3-2-21.pdf ??
GVC1 Accounts Receivable Totals Report 3-2-21.PDF
Loan Request Presentation - Carpet One 3 1 21.docx
STUART BEISWANGER - PERSONAL FINANCI...021.pdf
Ross Hoyle uses Citrix Files to share documents securely.
Ross Hoyle I Loan Funds Manager
i
Pro
CI
B U S I N E s 5p
E T W O R K
Gallatin Valley Carpet One Loan Proposal
Joint Bozeman RLF committee & IRP Loan Committee
March 5, 2021
4:00 pm
Loan committee members present; Clinton Gerst, Brit Fontenot,Scott Nicholson, RJ Patch, Bert Bartle,Jon Ayers,
Alyssa McClellan,Callan Nagy
Gallatin Valley Carpet One owner-Stuart Beiswanger
Motion to approve by Clinton Gerst 2nd By Bert Bartle—All approved
Bozeman committee 150,000
IRP committee 150,000
BOZEMAN REVOLVING LOAN FUND COMMITTEE MEETING
AGENDA
March 18, 2021
12:00 PM
on
ZOOM
12:00 PM Call Meeting to order.
12:01 PM Introduction.
12:05 PM Review Loan Portfolio:
(a) Summary& Updates
(b) Discussion Points
a. Future Loan(s) (Altitude Gallery,LLC)
b. Committee Vacancy (Replacements)
12:25 PM Action Items:
a. None.
12:30 PM Adjourn
Lq
Ross Hoyle
From: Ross Hoyle
Sent: Tuesday, April 13, 2021 11:33 AM
To: Brit Fontenot; Michael Wallner; Tracy Menuez; Scott Nicholson; Richard (RJ) Patch
Cc: Cherie Nugent; Carolyn Murray
Subject: Bozeman RLF - Meeting Update
Good Morning, Bozeman RLF Committee Members:
Regarding our meeting scheduled for 12pm on Thursday(4/15), would it be acceptable if we canceled this month's
meeting and I just send out an email update instead?
Thank you!
Ross
Ross Hoyle ( Loan Funds Manager
2015 Charlotte St., Ste. 1 I Bozeman, MT 59718
(406) 587-9565 Direct
www.prosperamt.org
'Pros G`N0 R ti
CONFIDENTIALITY
The information in this email is confidential and may be legally privileged. It is intended solely for the addressee.Access to this email by anyone
else is unauthorized. If you are not the intended recipient,any disclosure,copying,distribution or any action taken or omitted to be taken in
reliance on it,is prohibited and may be unlawful.
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Ross Hoyle
From: Ross Hoyle
Sent: Monday, April 19, 2021 10:51 AM
To: Brit Fontenot;Tracy Menuez; Scott Nicholson; Richard (RJ) Patch
Cc: Carolyn Murray; Cherie Nugent
Subject: Prospera Business Network - Bozeman RLF Summary
Good Morning, Bozeman RLF Committee Members:
Action Item:
• Helio—Please vote to APPROVE or DENY a 60 day credit extension to accommodate the Debtor securing payoff
financing. Loan matures 5/5/21. The Debtor is attempting to payoff Prospera and has asked for a 60 day
extension to push the requested maturity date to July 5, 2021. Payments for 6/5 &7/5 will be recalculated to
begin collecting 8%interest for a new payment amount of$2,207 (based upon a 5 year amortization); Existing
monthly payment of$1,500 was principal only(no interest). Additionally, I will file a new UCC lien to better
secure the existing loan by filing a lien on a camera package (camera,tripod, head)worth an estimated$75,000
and used in Debtor's filmmaking business. I will also ask for lien on the personal residence, but anticipate this
will be difficult to obtain and do not think I will be able to get this. Debtor has provided current income
statement and balance sheet but not yet 2020 Individual& Business Tax Returns; I will calculate business cash
flow once all financials have been provided. Income for 2020 was and or the I"quarter of
2021. The Debtor has a lot of upcoming film shoots scheduled and has been attempting to raise investor
funding for these projects. These investors are the target for funding Prospera's loan payoff. Negotiations will
be occurring during the requested 2 month extension period in attempt to secure the financing to payoff the
Helio loan. The Kina Pickett issue is still unresolved and Helio principal, Chris Murphy, anticipates filing a lawsuit
to resolve the issue, but would like to first satisfy Prospera before beginning litigation.
Portfolio Summary:
• Bozeman Fiber—Meeting scheduled for Friday(4/23)whereby Debtor is providing a status update and disclosing
details on an upcoming project.
• Overall,the Bozeman RLF portfolio is performing as agreed and all loans are current.
Please let me know if you have any questions. Thank you all and have a wonderful week!
Ross
Ross Hoyle I Loan Funds Manager
2015 Charlotte St., Ste. 1 1 Bozeman, MT 59718
(406) 587-9565 Direct
www.prosperamt.org
Prospera
CONFIDENTIALITY
The information in this email is confidential and may be legally privileged. It is intended solely for the addressee.Access to this email by anyone
else is unauthorized. If you are not the intended recipient,any disclosure,copying,distribution or any action taken or omitted to be taken in
reliance on it,is prohibited and may be unlawful.
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Ross Hoyle
From: Ross Hoyle
Sent: Thursday, May 20, 2021 3:23 PM
To: Brit Fontenot;Tracy Menuez (tmenuez@thehrdc.org); Scott Nicholson; Richard (RJ)
Patch
Cc: Carolyn Murray
Subject: Prospera - Bozeman Loan Committee - Portfolio Summary- May
Attachments: Attachments.htm I
Follow Up Flag: Follow up
Flag Status: Flagged
Citrix Attachments Expires November 16, 2021
BZN Portfolio Summary as of 5 20 21.pdf
D
y
Ross Hoyle uses Citrix Files to share documents securely.
Good Afternoon, Bozeman RLF Committee Members:
Overall,the Bozeman RLF portfolio is performing as agreed and all loans are current. Please see attached portfolio
summary report. Several specific loan updates are below as follows:
Portfolio Summary:
• Bozeman Fiber—Loan matures 6/24/21. Awaiting further direction from Creditors and Nick Porrini.
• Helio Collective, LLC—Loan matured 5/5/21. Principal reduction payment of$49,000 received 5/19. Officer is
working on extension through July 51h to allow time for Chris Murphy to provide documents(tax returns, PFS&
Application)for his renewal request. Extension payments of$2,207 are due 5/5 and 6/5 and will be paid via
ACH. Chris Murphy is asking for a 12 month renewal to allow time for his new investors to determine whether
or not they will invest. If the investors accept the findings of their due diligence period,they will payoff the
outstanding Prospera loan. Unfortunately, Chris Murphy is gone from 5/24 to 6/5 on a film shoot. Due to the
outstanding balance of$59,840, Chris Murphy is offering a new camera purchase as collateral to secure his
renewal request(camera package valued at appx. $90,000). Kina Pickett will not be a part of the renewal
request, due to he and Chris having a falling out. From researching the history of the credit, it appears Kina
Pickett offered financial strength to the credit,which officer has explained to Chris Murphy. Officer anticipates
presenting a write-up of the new renewal request in mid-June for committee decision,once required documents
are provided.
Please let me know if you have any questions. Thank you all and have a wonderful remainder of your week!
Ross
1
Ross Hoyle
From: Ross Hoyle
Sent: Monday,June 7, 2021 1:59 PM
To: Brit Fontenot;Tracy Menuez (tmenuez@thehrdc.org); Scott Nicholson; Richard (RJ)
Patch;Jon Ayres; Bert Bartle; Clinton Gerst;Alyssa.McClellan@wellsfargo.com; Callan
Nagy
Cc: Carolyn Murray; Paul Reichert
Subject: Bozeman Fiber- Matures June 24, 2021
Good Afternoon, Bozeman RLF&Gallatin RLF Committee Members:
Bozeman Fiber's loans#78 (BZN RLF)O (Gallatin RLF)with Prospera both mature June 24, 2021. Please respond to
this request by or before Thursday(6/10) so that I may get back to Nick Porrini with Prospera's response.
Request: With the exception of Prospera using a 6%interest rate, Prospera accepts the terms below as presented. If
this is correct, please vote to APPROVE or DENY this request. Regarding the interest only period, payments would
continue at$300/month for each loan. When they convert to principal and interest,the proposed terms would produce
P&I payments of$716/month for each loan. As we did before though, I will need to work w/Greg to see what amount
his cash flow can support and follow up with the loan committees prior to renewing the loans by or before 6/24/21.
Below I have included details from the Creditors' lead, Nick Porrini, regarding the consensus. In summary, Nick is asking
Prospera for a 2 year renewal maturing June 2023,consisting of a 6 month interest only period (June 24 to December
24)followed by an 18 month Principal& Interest period (January 2022 to June 2023). For the participating banks,the
proposal will have the P&I portion amortized over a 20 year amortization and the interest rate will remain at 4.625%. If
this is the group consensus,then I support Nick's proposal below, but am aware that Prospera may want to continue
with a 6%interest rate, correct? In our previous conversations, Prospera's loan committees were in agreement with
joining the group proposal with the exception of the interest rate,which Prospera set at 6%. Prospera's current loans
are set at 6%interest and our interest only payments are $300/month for each loan on the current 6 month extension
maturing 6/24/21.
Please let me know if you have any questions or concerns. Otherwise, if we are demanding a 6% interest rate with no
other changes, please vote on this request. Thank you!
Ross
Ross Hoyle I Loan Funds Manager
2015 Charlotte St., Ste. 1 1 Bozeman, MT 59718
(406) 587-9565 Direct
www.prosperamt.org
CONFIDENTIALITY
The information in this email is confidential and may be legally privileged. It is intended solely for the addressee.Access to this email by anyone
else is unauthorized. If you are not the intended recipient,any disclosure,copying,distribution or any action taken or omitted to be taken in
reliance on it, is prohibited and may be unlawful.
1