Mobile Home Park Financing
Summary: The Madison Group (TMG), a leading national lending source of MHP and MHC financing, arranged the $1,285,000 cash out refinance of a Mobile Home Park in Texas. The borrowers’ goals were to obtain a nonrecourse loan that would allow for cash out to buy out a partner and lower the interest rate to improve cash flow.
The asset consisted of two separate parks and a storage component. A concerted effort by the team at TMG was necessary to provide income calculations from varied sources to achieve the desired loan amount. The nonrecourse loan was fixed with an aggressive rate of 5.28%.
Property: Mobile Home Community
Loan Amount: $1,285,000
Interest Rate: 5.28%
Term: 10 Year
Amortization: 30 Year
Recourse - None