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Recently Closed Loan: $2.5MM for the Purchase of RV Park in Washington

Tags: RV Park Financing, RV Park Loans
Thursday, Jan 10, 2019
by Angela Kesselman
Summary:  The Madison Group (TMG), a leading source of RV Park financing nationwide, arranged the $2,550,000 loan to facilitate the purchase of a 97 space RV Park in Washington. The borrower, a first time buyer of this property type, needed to use his 1031 to execute the purchase.  The property has an excellent location with good historical income and rent growth.  TMG was able to place the loan with a lender that offered conventional financing, excellent rate and terms, and closed the loan in the desired time frame. 
 
Location: Washington
Property: RV Park
Loan Amount: $2,550,000 
Interest Rate: 4.98% 
Term: 10 Years 
Amortization: 25 Years 
Prepayment:  3.2.1.1
LTV:  70%