Summary: The Madison
Group (TMG), a leading national lending source of mobile home park financing
arranged the $2M purchase of park located in New York.
The borrowers came to TMG with the intent of buying a park
where the buyer had been running the operations for the past few years. They had never owned a park before, but knew the operations side of the
business. They only had 10% to put down on the purchase.
TMG analyzed the financials and suggested a loan with 10%
down and a seller carryback for the transaction with interest only for 2
years. The seller was able to
accommodate the 2nd and the buyers are going in initially with
enough equity to refinance out in the next two years. This was a win for the buyers and they are
excited to own their first piece of commercial real estate.
Property: 51 space
Loan Amount: $1,400,000
Interest Rate: 10.5 %
Term: 2 Years IO