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Mobile Home Park Refinance

Recently Loan Closing: $1.5MM Refi of a Mobile Home Park in Washington

Tags: MHP Financing, Mobile Home Park Loans
Wednesday, Dec 26, 2018
by Jeff Meierhofer
Summary:  The Madison Group (TMG), a leading source of Mobile Home Park financing nationwide, arranged the $1,500,000 refinance for a 54 pad MHP in Washington for a long term client. The borrowers goals were to refinance the current loan that was maturing. He was looking for a rate and term refinance with a low interest rate, and less than 3 year prepayment penalty.

TMG received the file and had an loan offer to the borrower within 3 days. The processing team helped arrange signing with title to make sure a notary was sent to all borrowers in 3 different states to ensure all loan documents signed in a timely manner.  TMG worked with the lender daily to make sure the closing of the loan was a smooth process.

Location: Washington
Property: Mobile Home Park
Loan Amount: $1,500,000 
Interest Rate: 4.99% 
Term: 10 Years 
Amortization: 25 Years 
Prepayment:  3.2.1
LTV: 65%