The Madison Group (TMG), a leading source of mobile home park financing nationwide, arranged the $3,000,000 cash-out refinance of a 165 pad mobile home park in Springfield MO. The borrower’s goal was to secure a long term non-recourse loan with a 30 year amortization. TMG secured the financing with a FNMA loan providing a 10 year fixed rate of 4.50% and a 30 year amortization at 75% LTV.
The property is a nice, clean park located in Springfield Missouri and is owned by an experienced operator. The park has operated at an 80-85% occupancy since its purchase in 2007. The owner believes this to be one of the nicest parks in the area. The mortgage note was coming due in the next few months so the borrower wanted to take advantage of the lower rates that are available now and secure a non-recourse loan.
The borrower’s existing lender declined the transaction as FNMA eligible. TMG worked with FNMA to get a waiver for occupancy that was under 90%. This facilitated a timely closing and satisfied the borrower’s needs. The borrower received cash out of the transaction for the purchase of additional income producing properties.
“We have closed multiple transactions for this client and went the extra step to get her the best available financing on a project that her existing lender had declined.”–Said Angela Kesselman, TMG’s Associate Director of Finance.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 435-785-8350 or by emailing Angela at firstname.lastname@example.org.