The Madison Group (TMG), a leading national lending source
of MHP/MHC financing, arranged the $1,350,000 refinance for a 50-unit MHP in
Oregon. The final terms were a 12-year
fixed term, 30-year amortization, with a rate of 3.38%. The loan is nonrecourse and the borrower
received cash out from the transaction.
The borrower’s goals were to refinance the existing debt
with a new nonrecourse loan and take cash out for reserves and other business
uses. Because the borrower operates a business full time during the day, TMG was
able to work with the borrower in the evenings and on the weekends to process
and close the loan in a reasonable time frame.
Property: Mobile Home
Loan Amount: $1,350,000
Interest Rate: 3.38%
Term: 12 Years