The underlying assets are spread out over several geographic regions but consists primarily of daily fee, mid-level courses, according to Heller Financial.

"The assets of the Bank of America portfolio encompass the attributes and returns Heller is actively targeting, and thus accelerates our ability to meet the overall business goals for the group," says Golf Lending Group director and product manager Christy Lockridge. "It further positions us to become the leading lender in the golf course industry, making it a highly strategic purchase."

Heller's Golf Lending gGoup funds middle-market properties in the US, Canada and Caribbean at 50% to 75% loan-to-value ratios. It focuses on stabilized or transitional daily fee, semi-private and non-equity private golf courses.