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Mobile Home Park Loans

$1.6MM Cashout Refinance on a MHP in Idaho

Tags: mobile home park financing, MHP loans, Idaho commercial loans, Cashout, Refinance
Wednesday, Sep 11, 2019
by Jeff Meierhofer

Summary:  The Madison Group (TMG), a leading national lending source of Mobile Home Park financing, arranged the $1,652,000 cash out refinance for an MHP in Idaho. The borrower’s goals were to get a cash out refinance to recapitalize his investment after 12 years of ownership.  The park has 57 pads and 18 park owned homes.

TMG worked diligently to get the loan closed by stayed on top of insurance and legal items. In addition, the borrower is out of town in the middle of closing his loan, so special arrangements were made for a smooth closing.

Location:  Idaho
Property:  Mobile Home Park
Loan Amount: $1,652,000
Interest Rate:  4.50%
Term:   10 Years
Amortization:   30 Years
Prepayment:   Yield Maintenance
LTV:   75%