Owner use · investor calls · print or phone-open

Lead with diligence. Then the math.

Public-facing rule: never sound like we skipped homework. Open with what’s verified, what’s modeled, what’s vision — and what closes at NDA. Strong numbers are fine when sources and gaps are on the record.

How to present this publicly · read before any investor call or post

Lead with diligence, not excitement. Say what’s verified (1650 comp, pre-app, GC ROM, rent comps, NOLA sources) before any upside number.
Label every number. Verified · modeled · Strong tier only for outperform. Never imply unaudited multipliers or unaudited bar AUV is what the bank underwrites.
Name the gaps out loud. Land not closed · LOIs not signed · MAI at DD. That signals confidence — not weakness.
Point to the site. Send verified facts, underwriting thesis, and lender memo — let them verify citations themselves.
Never say “embarrassingly easy,” “too simple,” or “we did their homework.” Say: “The case holds up once you’ve verified the citations.” Strong deal · documented diligence · honest gaps.

Owner use · fetch LOIs · closes investor gap #1

Why LOIs are easy to get — and how to get them

Investors ask for LOIs because modeled demand is not contracted demand. You are not begging — you are offering a founding station on a real site (pre-app done, land under contract) at economics operators cannot match on Manhattan Blvd. Send them the public page: entrepreneurs.html#loi.

Target first (6+2)

2 salon chairs · T1 · Instagram stylists with 500+ clients
1 barber chair · T4 · walk-in or appointment book
1 nail bay · T3 · suite or solo tech ready to scale
2 chef cubicles · P1–P6 · po-boy · wings · soul · halal · one-sheet
1 shop bay · T8 · $500–750/mo micro-retail
2 deposits · any lane · $500 station · $750 chef

Where to find them

Instagram · #harveyla #nolasalon #nolabarber #nolachef
Salon suite operators paying $250+/wk elsewhere · Pearl comps
Pop-up chefs · commissary kitchens · festival vendors
Barbers on Manhattan / Westbank with loyal books
Your network · church · school · IHOP corridor foot traffic

30-second operator script · text or DM

“Mirage Manhattan — new mixed-use campus at 1705 Manhattan, next to IHOP, three hundred feet from Target. Pre-app is done. I’m not leasing you a whole pad — Mirage built the shell. You rent one founding chair or chef cubicle: eleven fifty a month for a station, or fifteen hundred plus fifteen percent for food with hood and POS included. Corridor pads are nineteen to twenty-five hundred all-in and you still build out. Founding tier is first twelve operators only — five hundred dollar deposit holds your slot, non-binding LOI. Want the one-pager?”

Text to send · copy-paste

Mirage Manhattan · 1705 Manhattan Blvd · founding station LOI. $1,150/mo chair OR $1,500+15% chef cubicle (hood included). Non-binding · $500–750 deposit holds tier. Pre-app complete · IHOP/Target corridor. Full details: miragemanhattan.com/entrepreneurs.html#loi · call Philbert 504-314-8441

If they hesitate

“I’m not ready to open.” LOI is pre-open · CO target after build · deposit applies at open.
“What if it doesn’t happen?” Non-binding except deposit · refunded/applied per LOI if we don’t deliver shell on schedule.
“Rent too high.” Compare Pearl/SalonRenter ~$250/wk = ~$1,000+ for a chair alone — no bar, no court, no corridor anchors.
“I need to see the site.” Flag lot under contract · pre-app on file · site walk after intro call · send parish + comp links.

Investor line when LOIs land: “We now have [N] signed station LOIs and [N] deposits — modeled lease-up is converting to contracted demand. LOI pack in data room under NDA.” Track pipeline · counsel review LOI template before circulation.

Public close · disciplined · not hype

“We’ve published the diligence — recorded comp at 1650 Manhattan, two seventeen a foot, ELIFIN, January twenty twenty-five; Jefferson pre-app complete; a one point eight million GC bid ROM; Pearl and SalonRenter wellness space rent comps; NOLA visitor and BEA food-spend data. Gaps are labeled on the site — land under contract not closed, no signed LOIs in the data room yet, MAI orders at DD. On that base: collateral reconciles to about three million at CO — roughly sixty percent LTV on your check. Modeled rent is about sixty-nine thousand a month against a ten thousand note — seven times on RE income before bar. We underwrite that. F&B Likely at three hundred fifteen thousand is a labeled sponsor model with line-by-line assumptions — Strong tier about four seventy-five is outperform only — not what we ask the bank to rely on. Your job is verify our citations. Mine is close the gaps.”

Deck open · first 30 seconds · set the model

“Mirage Manhattan is a twelve-thousand-three-hundred-square-foot owner-operated mixed-use campus at seventeen oh five Manhattan Boulevard — ten entrepreneur suites we master-lease on the south building, and a four-thousand-eight-hundred-square-foot licensed social hall with bar, commercial kitchen, and assembly on the north. About sixty station licenses · six chef cubicles · suite rent and vendor row by day · social hall and F&B by night · one operator · one campus on prime Manhattan next to IHOP and Target. I'll show you the recorded comp and LTV next — but first, understand this is recurring property income with operator upside, not a single restaurant bet.”

Call open · 60 seconds · proof before bar

“You’re looking at 1705 Manhattan — a flag lot next door to IHOP, ~300′ from Target, on a corridor that already has Sam's, Lowe's, and Walmart. We’re raising $1.8M · one check to close land and build 12,300 SF to certificate of occupancy. I’m not going to lead with bar revenue or a big vision deck. I’m going to lead with what a bank would underwrite: a recorded sale on the same street at $217 a foot, collateral math that puts you at roughly sixty percent LTV at CO, and rent that covers the construction note at about seven times before we sell a drink. Then I’ll show you exactly what’s still missing — honestly.”

Recorded comp · same street

1650 Manhattan · $217/SF · VO PLAZA LLC

Source: ELIFIN Pulse · Jan 2025 · ~550′ north of subject.

“In January 2025, 1650 Manhattan sold for $1.4 million — that’s $217 a square foot — to VO PLAZA LLC. Same city, same arterial, six thousand four hundred feet on that sale. Our subject is twelve thousand three hundred feet at completion. Even on the raw comp with no adjustment, that’s about $2.67 million. We reconcile conservatively to about $3 million at certificate of occupancy — using recorded Harvey sales, not a broker opinion. That’s your downside floor before the first stylist opens a chair.”

Bank math · LTV · spread

~60% LTV · ~+$800k spread · refi @ CO

All-in ~$2.2M · check $1.8M · construction loan ~$1.548M · ARV ~$3.0M comp.

“Total in at open is about $2.2 million — land close plus the full $1.8 million check. The reconciled comp is about $3 million. That’s roughly $800 thousand of day-one spread on recorded sales alone. On the construction loan — about $1.5 million hard — you’re at roughly fifty-two percent LTV against the comp. On the full check, about sixty percent LTV. Conventional refi at sixty percent on three million is about $1.8 million of loan capacity — which is exactly the check. Comps alone can repay the investor at CO if the appraiser agrees with the street.”

Debt self-pays · RE income only

$69,000/mo RE vs $10,000/mo note · ~7× DSCR

Before bar · events · food override. Wellness chairs killed.

“The construction note on about $1.5 million at seven percent thirty-year is roughly $10,000 a month. Stabilized property income — wellness space rent at about $60,000 a month plus vendor base at $9,000 — is about $69,000 a month to Mirage before the bar turns on. That’s about seven times debt service coverage on real estate income alone. This is not a single restaurant betting on Friday night. It’s sixty station licenses and six vendor kitchens paying the note.”

Platform · not one restaurant

48 wellness spaces · 6 chefs · 10 suites · corridor traffic

Executive-suite model · ~3× strip rent vs inline Manhattan pads · ~47k VPD* on Manhattan Blvd.

“Mirage operates every suite T1 through T10. Entrepreneurs rent a chair, cubicle, or bay — not a three-hundred-thousand-dollar build-out. Sixty station licenses at market executive-suite rent is about three times what ten whole-pad strip tenants would pay on the same footprint. Six chef cubicles add base rent plus fifteen percent food override. Day: suite rent, vendor row lunch, two hundred twenty-five to three hundred fifty clients on property — Mirage collects before the bar opens. Night: same campus — bar, projector wall, chef-to-table, events — upside on traffic the suites already built. IHOP next door. Target three hundred feet. Bar and watch-party revenue is layered on rent that already covers the note at seven times.”

NOLA food capital · published comps

$10B visitor economy · LQ 1.45 · bar ~$168k · food 15% ~$27k

NOLA: $10B visitor spend · LQ 1.45 food concentration · US avg bar ~$27.5k/mo · Mirage Likely ~$168k bar · 15% on ~$183k food gross = ~$27k override.

“We’re in the New Orleans metro — America’s food capital. New Orleans and Company reported ten billion dollars in visitor spending in twenty twenty-four, nineteen million visitors, and food and beverage is consistently a top-three spend category. The metro runs a one point four five location quotient on food and accommodation — forty-five percent above the U.S. average. Louisiana per-capita food-service spend is three thousand eight hundred ninety-four dollars from the Bureau of Economic Analysis. That’s why our ticket is twenty-one dollars at Likely, not eighteen — LRA fast-casual band — and food attach is sixty-two percent, not sixty. Six chef cubicles at fifteen percent on roughly one hundred eighty-three thousand a month in vendor food gross is about twenty-seven thousand to Mirage. The bar models one hundred sixty-eight thousand a month — about six times the U.S. average bar, still less than thirty percent of a Pat O’Brien’s. Rent still covers the note at seven times before any of that turns on.”

Honest gaps · NDA path

What closes at term sheet — not hidden

Full verified-facts exhibit →

“I’ll tell you what we don’t have yet, because that’s what serious money asks. Land is under contract — not closed. Sponsor cash in the raise is zero — I bring contract, pre-app, operator, and guaranty. We have no signed LOIs in the data room yet — that’s the highest-impact item we’re closing now. MAI appraisal orders at DD. Draws are gated — land, written OK, site, vertical, CO — no lump sum. Under NDA you get the contract redacted, resume, LOI pipeline, and term sheet. The math is on the record. The gaps are labeled. Your job is to verify the comp and the pre-leasing path — mine is to fill the platform before we open.”

Lead with

1650 @ $217/SF · ELIFIN · VO PLAZA LLC
~60% LTV · ~+$800k spread @ CO
~7× DSCR · $69,000/mo RE vs $10,000/mo note
48 wellness spaces · 6 vendors · not one restaurant
15% override · ~$27k/mo · NOLA $21 ticket · 62% attach
Bar ~$168k/mo Likely · sponsor estimate above Buffalo Wild Wings (BWW) SEC unit proxy · labeled
Strong ~$475k/mo gross · outperform tier only · not base case
Honest gaps + NDA data room path
IHOP next door · Target ~300′ · corridor anchors

Do not lead with

~$8M stabilized RE (needs 24–36 mo rent roll)
Whole enterprise $10.5–13M · Day 1 fantasy
Never sum chain bar averages · use NOLA published comps
Bar $265k/mo Strong without labeling tier
“Full vision” deck · VIP · bottle service
Sponsor $0 without pairing guaranty + resume
Traffic or visits without *preliminary label

If they push back

“Is the land really yours?”

“Under contract at 1705 — not closed yet. Investor capital closes land at the capital event. Redacted contract and earnest receipt go in the data room under NDA. We don’t claim fee simple today.”

“You’re asking for everything with $0 in.”

“Correct on cash. Sponsor brings land contract, completed Jefferson pre-app, full-time operator, personal guaranty, and pre-leasing. Investor gets first mortgage after close, gated draws, and control on budget. Pref return before promote — terms at NDA.”

“Where’s the demand proof?”

“Fair. Modeled demand is ~48 wellness space licenses + 6 chefs at stabilization — ~3,250 weekly visits from tenant math — not contracted yet. Target is six LOIs and two deposits before close. Pearl and SalonRenter show ~$250/week station market; BEA shows Louisiana food-service spend at $3,894 per capita — we label rent and ticket inputs; we do not claim organic marketing multipliers.”

“$3M comp feels aggressive.”

“Unadjusted floor is $2.67M on the raw $217/SF sale alone. We reconcile to ~$3M with +12% net adjustments — conservative vs adjusted band ~$3.2M. MAI orders at DD. Your downside is comps on the same street, not speculative land.”

“Those bar numbers look aggressive.”

“Fair — underwrite zero bar if you want; rent covers the note at seven times. The watch-screen model is not new — Walk-On's was founded in Baton Rouge because there was no sports-watch venue near LSU; their franchise disclosure document — FDD Item nineteen — shows about four point eight million average unit volume per store. Buffalo Wild Wings — BWW — proves the strip sports-bar unit at about fifty-one to seventy-five thousand a month bar proxy. Mirage takes the proven occasion — Saints, LSU, fight nights — and puts it on a covered courtyard screen with a hall and bar opening to the court, fed by suite traffic and forty-seven thousand cars a day on Manhattan. We model one sixty-eight thousand Likely — about double the top of the Buffalo Wild Wings band — labeled sponsor estimate with the build-up on part two-B. We are not claiming Walk-On's revenue at forty-eight hundred square feet. Strong is two sixty-five — outperform only.”

“What’s the 15% food override?”

“Six chef cubicles pay $1,500 base plus fifteen percent of all gross food sales through Mirage POS — on-site, parking-lot pickup at FP-one and FP-two, and approved delivery apps. At Likely: about one hundred ten thousand on-site, thirty-eight thousand pickup, thirty-five thousand delivery — one hundred eighty-three thousand vendor gross, twenty-seven thousand to Mirage on override, plus nine thousand base. Each channel is on the deck at fifteen percent.”

“What if every operator markets the hall?”

“That’s lease-up upside — not a multiplier we publish. Likely is three hundred fifteen thousand a month gross with assumptions on the deck. Strong is about four seventy-five — higher visits and bar, labeled outperform. We don’t claim organic ×6 or unaudited run rates. What we can say today: suite rent covers the note before the bar opens, and every signed LOI tightens the visit model.”

“What’s my exit?”

“Three clocks: refi @ CO on ~$3M comp at ~60% LTV — about $1.8M capacity. Hold for NOI — property cap ~$8M at rent roll, ~23% LTV on existing debt. Sale of RE or whole platform Year 3–5. You’re not trapped in a restaurant — you’re in collateral with multiple repayment paths.”

Internal call script · not an offer to sell securities · figures from packet locks and third-party cites · MAI/LADOTD/clerk verification at DD.