Summary: The Madison
Group (TMG), a leading national lending source for Mobile Home Parks, arranged
the $1.238M refinance of a 66 pad MHP in Washington.
The property is in a rural community in eastern
Washington. It is a nicely appointed
park with excellent street appeal. A challenge to obtaining financing was that the
park has its own water and septic systems throughout the park. The buyer, an experienced owner, became
comfortable with the water and septic systems and decided to buy the property
with his 1031 funds, after a difficult search for a replacement property.
The borrower’s goals were to put non-recourse financing in
place. He did not have time to finalize the
long term loan within the time the of the 1031 deadline. TMG suggested a quick
closing with seller financing. After the
close, TMG secured a rate and term financing of the seller note with an FNMA agency
loan.
TMG was able to work through all of the property issues and
secure long term non-recourse financing on the property with 5 years of
interest only.
Location: Washington
Property: 66 pad Mobile
Home Park
Loan Amount: $1,238,000
Interest Rate: 4.05 %
Term: 10 Years
Amortization: 30 Years
Prepayment: Yield Maintenance
LTV: 65%