Transaction Description: Cash out refinance of a 120 pad Mobile Home Community in the suburbs of Oklahoma City. The finalized terms were 5.26% interest rate on a 30 year amortization and 10 year fixed term with the first 2 years payments interest only.
Challenges: The mostly single wide pad park was built in the 70's and purchased in 2012. Even though the owner had never made any major improvements to the park, the value increased significantly since it’s purchase. The borrower was requesting a large amount of cash out to potentially invest in an additional park. This loan was complicated because the property has private water and sewer systems. Any problems to those systems would be a huge liability for the owner.
Solutions: We were able to find the right financing to provide $1M cash out while offering the owner 2 years of interest only payments. The cash out allows the borrower to invest in an additional park to increase her cash flows.
The financing was arranged by Angela Kesselman at The Madison Group.
The Madison Group (www.madisongroupfunding.com) is a commercial loan broker and consultant specializing in financing for investor properties nationwide. TMG provides flexible and reliable capital for real estate acquisitions, refinances, and re-capitalizations for a variety of property types including: multifamily, mobile home parks, credit tenant NNN net lease, office, retail, industrial, self-storage and other commercial properties in the United States. Established in 2001, The Madison Group’s intention is to provide highly competitive loan products through its superior capital market expertise and quality sources of capital. TMG works efficiently and effectively to get the transaction closed and funded.
The Madison Group can be reached at 435-659-2200 or by emailing Angela at firstname.lastname@example.org.