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TMG arranged the $1,700,000 cash out refinance for a 100-unit MHP in Ohio

Tags: Mobile Home Park financing, MHC loans, MHP refinance, Cash out
Thursday, Jan 21, 2021
by Paul Kuster

Summary:  The Madison Group (TMG), a leading national lending source of MHP/MHC financing, arranged the $1,700,000 refinance for a 100-unit MHP in Ohio.  The final terms were a 10-year fixed term with the first-year interest only, 30-year amortization, with a rate of 3.50%.  The loan is nonrecourse and the borrower received cash out from the transaction.

The borrower’s goals were to refinance out of the existing high rate seller financing debt with a new nonrecourse loan and take cash out for reserves and other business uses.

The borrowers were out of state owners and operate a business full time in their state of primary residence.  TMG was able to work with the Lender and borrowers at mutually convenient times to process and close the loan in a reasonable time frame.

Location:  Ohio

Property:  Mobile Home Park

Loan Amount: $1,700,000

Interest Rate:  3.50%, interest only for the first year

Term:   10 Years

Amortization:  30 Years

Prepayment:   Yield Maintenance

LTV:   55%



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