🐚 KALI27 · LAN http://<host>:8800/KALI27_RPT_FINANCING.html · read-only · draft · last-4 only

Report 5 of 8 · the money side

💰 Financing

Enterprise → Celtic / TMC / SBA 504 refi · the executed building note · costs · carry · the entity map.

~$4.3M

2-parcel acq

$1.834M

Bldg 504 note

4.64%

Rate · to 2051

$11.76K

Bldg / mo

~$4.04M

LT debt (QB)

~19%

Zaro / $698K

From 06_LOAN_FINANCIALS.md + 09_ARCHIVES (conformed SBA Note) · June 23, 2026 · sensitive #s last-4 only.

The stack The 504 note Balances Carry + rezone Entity map Open

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The loan stack, in plain termsEnterprise → SBA 504 (Celtic + TMC) → land refi → Cooley carry

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1. Original purchase financing → Enterprise Bank. (principal/rate/payoff OPEN)
2. Refinanced onto SBA 504: Celtic Bank conventional first-lien + TMC / Capital Development Corp as the 504/CDC second-lien; Fidelity National Title handled the payoff. Building refi closed ~May 1, 2026.
3. Land separately refinanced ("Zaro on loan" / "with Joseph").
4. 2139 on a Cooley seller carry-back (interest-only, ~12–15% down, 7-yr, from 5.5%), to be paid off via the SBA.
5. Mike Zaro holds ~19% / ~$698K — "more a loan with collateral" than a true owner; interest paid; ~$36.74K per 1%.

Purchase prices + close dates

Parcel	Price	Closed
477-27-030 unit	$2,500,000	Aug 5, 2022
477-21-075 land	$1,800,000	Dec 22, 2022
2139 (Hastest)	~$2,431,000	carry · not confirmed

Two-parcel combined ≈ $4.3M ("$4.3M + buildout" → "$5M+ facility").

Source: 06_LOAN_FINANCIALS.md §1–2 · 00_TONY_INTEL_NOTES.md.

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The executed building 504 noteConformed — hard numbers

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Loan #	7918349109
Amount	$1,834,000
CDC	Capital Development Corp ("09-655")
SBA approval / note dated	11/24/2025 / 12/12/2025
Funded	3/11/2026
Rate / maturity	4.64033% / 3/1/2051
P&I / monthly	$10,327.29 / $11,758.57

Collateral assignment of life insurance on Anthony required. EPC/OC structure (holding leases 100% to operating co; OC occupies ≥51%). Sized off the Aug 2025 appraisal ($2.32M condo); Tony staged ~$250K investment-account liquidity as the equity showing.

🔴 Still OPEN on the refi

The Celtic-vs-TMC split, the land refi terms, and the original Enterprise Bank terms remain in image-only closing PDFs — flagged OPEN. Reconcile against the closing/settlement statement.

Source: 09_ARCHIVES.md §2B (SBA Note - Conformed) · 06_LOAN_FINANCIALS.md §2b.

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Debt balances on the booksQB, 6/19/26

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Note	Balance
TMC SBA Loan	$1,810,244
Celtic Bank SBA #1	$2,167,633
Long-term debt	≈ $4,040,840

Tied to 10th Street building/land (~$4.46M fixed assets). Tony's read: "asset-rich, cash-thin, over-leveraged." Reconcile: the $1.83M conformed note ≈ the TMC/CDC 504 piece; Celtic $2.17M = the first-lien/7(a) piece.

Tony's working SBA payoff math (planning, not a statement): ~$550K initial + $150K side loan, ~$475K to clear; plus revolving Shopify ~$120K, QB ~$25K, PayPal ~$20K, misc ~$110K.

Source: 09_ARCHIVES.md §2B · 06_LOAN_FINANCIALS.md §3.

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Annual carry + the rezone spendWhat's known vs OPEN

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Annual carry (partly OPEN)

Item	Amount
SBA 504 monthly (building)	$11,758.57
Land refi monthly	OPEN
Building HOA dues	"super high" — OPEN
Property taxes (SCC)	~$36K/yr modeled (2139)
7th St lease	$1,100/mo (income side)
Mike interest	ongoing on $698K

🔴 The rezone/violation cost stack (active new spend)

≈$98.5K City planning fees + ≈$170K CEQA = $270K–$600K all-in (MND vs EIR), plus Berliner Cohen legal, stamped plat/surveyor, and permit corrections. Full breakdown in the Zoning report.

Source: 06_LOAN_FINANCIALS.md §4–5.

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Entity mapWho owns / borrows

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South Bay (Sports) Training LLC — owner of record on both parcels (Wyoming). Members: TS (Tony) + AV (Adam) + Mike Zaro (~19%).
VAST Ventures LLC → VAST Properties — the holding entity (= the "Ventures LLC" to confirm); plan to transfer title for liability protection (holding vs operating split).
Mike (Michael Paul) Zaro — co-borrower/guarantor on the land refi; possible 2139 co-purchaser.
Joseph — TMC/Celtic-side contact on the SBA land refi.
Scott Cooley — seller of all three pieces + private lender on the 2139 carry-back.
Planned: Sanguinetti Real Estate + BS Management LLC (brokerage / management).

Source: 06_LOAN_FINANCIALS.md §7 · 09_ARCHIVES.md.

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Open itemsRanked

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🔴 Executed SBA 504 building refi — Celtic-vs-TMC split, exact monthly (image-only PDFs).
🔴 Original Enterprise Bank loan — principal/rate/payoff at refi.
🔴 Land refi (Zaro / Joseph / "Cowells") — lender, amount, rate, monthly.
🔴 Current property-tax bills per APN (SCC); building HOA monthly dues.
🟠 2139 status — closed? 12% vs 15% down? Cooley payoff vs 2-yr carry extension.
🟠 Reconcile SBA balances ($550K/$150K) to the closing statement; Berliner billed-to-date + surveyor cost.
🟡 Confirm "VAST / Ventures LLC" exact registered name + whether title has moved.

Source: 06_LOAN_FINANCIALS.md §8.

🐚 KALI27 · Financing · from 06_LOAN_FINANCIALS.md · read-only · DRAFT · sensitive #s last-4 only.
Unverified: Enterprise terms · land-refi terms · HOA dues · current tax bills · 2139 close status.