The Madison Group (TMG), a leading national lending source for
mobile home park financing, arranged the $1,995,000 cash out refinance for a 110
pad mobile home community situated on nearly 39 acres in Georgia.
When the borrower contacted TMG, they were contemplating
either a refinance or selling the park based on recent offers they had. The borrower preferred to keep the park as it
had been an excellent investment, however, his current financing was
unfavorable and he had been unable to find financing elsewhere for a relatively
rural but well occupied performing park.
TMG was able to source cash out financing at market rates
and reduce the borrower’s monthly P&I cash outlay by nearly 30% despite the
rise in interest rates during the loan process. Loan approval and closing was smooth despite logistical challenges due
to property, borrower and lender locations. It was huge win for our client.
Location: Georgia
Property: 110 pad
Mobile Home Community
Loan Amount: $1,995,000
Interest Rate: 5.190%
Term: 10 Years
Amortization: 30 Years
Prepayment: 3%, 2%,
1%
LTV: 66.5%