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Quoted from timarnold:Because we can not sell our old building and lot on Trop until we finish construction on the Sombrero lot
Why not? You don't explain this. Are you just holding onto it to store your machines?
There would be cheaper options, and it would easily free up a couple million to help you out.
Quoted from vdojaq:Income, bottom line. Have to keep it operating in the current location until the day they are ready to move.
Depends on the income.
You have to offset the cost of borrowing a million dollars.
It might cost less to close temporarily (and have access to 2 million dollars interest free) than to make the monthly payment.
Quoted from toyotaboy:Looks like banks charge between 5-35% on unsecured loans (don't know if owning a 2 million dollar building as collateral makes any difference on that rate), but yea:
million dollars:
5% over 15 years (but paid off before that date) is $7,900 per month
35% over 15 years is 29.3k per month
From what I've seen on tax filings for PHOF, Tim grosses between $500k-million per year.. So he's still going to be cash positive, but that's still money out the window to pay interest.
I'm still dumbfounded that pinball can earn $500k - 1M per year.
My pinball operator friends must be doing it wrong.
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