The Madison Group (TMG), a commercial broker and loan consultant, has facilitated the financing for a 71 pad MHP in rural Wayne County Ohio. The borrower’s goals for the transaction were to pay off current loan and get some cash out. He had been turned down by three local institutions. The complication that plagued the transaction was that the loan was in maturity default with the current lender. The borrower desired cash out to return some capital improvement money that has gone in to the park. Making this an even more difficult transaction, the borrower had limited liquidity and 18 of the 71 pads had park owned units owned by the borrower’s other entity.
“The special needs of this transaction meant digging in deep by our staff, but we were able to facilitate the most favorable terms to meet the clients goals, said Jeff Meierhofer of The Madison Group, who originated the financing. “The borrower’s needs for cash out and a longer term while in a maturity default made this a complex transaction. We were able to find the right loan program for this rural park and get the borrower a loan that closed.
TMG was able to source the transaction to meet the borrower financial goals and provided him with a 73% LTV USDA loan with a 10 year term and 25 year amortization.