Summary: The Madison
Group (TMG), a leading national lending source for multifamily financing arranged
the $1,014,000 refinance for a 14-unit multifamily property in southern Utah.
The borrower’s goals were to refinance his current loan to
take advantage of the low interest and get some cash out to do some minor
repairs on the property.
There were unforeseen circumstances that caused delay in
getting the loan closed. TMG secured a FNMA Lender with a low rate of 3.99% on
a 12/30 with no recourse to the borrowing entity. The borrower was very
satisfied with the lower rate and increased cash flow on this long-term fixed
loan. Additionally, the borrower was pleased with the loan process facilitated
by TMG, the professionalism of the lender, and overall execution of the
transaction.
Location: Utah
Property: Apartment Building
Loan Amount: $ 1,014,000
Interest Rate: 3.99%
Term: 12 Years
Amortization: 30 Years
Prepayment: Yield
Maintenance
LTV: 65%
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 The Madison Group (TMG), a leading national lending source
of RV Park financing secures the $5.95M purchase money loan on an RV Park near
a national park in Wyoming.
The RV Park is a transient park located near the entrance to
Yellowstone. The client had a lease
option on the park for many years and wanted to move forward with the purchase. He had invested a large sum of capital into
capital improvements while leasing the property. The value of the park had increased
dramatically during the lease option period, and the buyer needed to make sure
he secured the contract and finalized the purchase.
The borrower wanted to secure financing that would give him
a low rate but also give him the opportunity to get some of his capital back
out of the transaction. TMG was able to
structure a purchase financing that offered a long-term low rate and gave the
buyer a significant amount of cash back at closing.
Location: Wyoming
Property: RV Park
Loan Amount: $ 4,950,000
Interest Rate: 3.6 % fixed for 10 years
Term: 10 Years
Amortization: 25
Years
Prepayment: 5%
declining
LTV: 65 %
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 The Madison Group (TMG), a leading national lending source for
multifamily properties, arranged the $1,805,000 purchase financing for a 61-unit
apartment complex in South Texas.
The buyer recently sold a smaller multifamily property and
needed to find a replacement for his 1031 funds. He was able to identity an apartment complex in
south Texas that was in good condition, had positive cash flow, and was selling
at a reasonable cap rate. The buyer
needed to close in a timely manner for his 1031 and was interested in an agency
loan. He also wanted to have a flexible
prepay, so he would be able to pull his cash out of this property and reinvest
in the next 5 years.
TMG went to their preferred lenders and found a Freddie Mac
agency loan that granted a waiver for ownership. They were able to secure
financing terms with a 5-year fixed rate loan, floating for 15 years, 20-year
term, a 30 year amortization, along with a step down prepayment penalty. The loan closed in a timely manner to meet
his 1031 timelines.
Location: Texas
Property: Multifamily
Loan Amount: $ 1,805,000
Interest Rate: 3.95%
Term: 20 Years fixed
for first 5 years
Amortization: 30 Years
Prepayment: 3/2/1/1/1%
LTV: 65 %
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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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 The Madison Group (TMG), a leading national lending source
of MHP/MHC financing, arranged the $5,800,000 refinance of a 200-pad park in Oklahoma.
The mobile home community is in a good area of Tulsa with
easy access to the freeway. It has excellent
infrastructure, including concrete roads and driveways. The owner purchased the park several years
ago and has been increasing the quality of the park and tenants since the
purchase.
This long-time client came to TMG to request a lower rate
and a new loan with interest only payments.
The occupancy was too low for agency lenders in this market, so TMG
successfully placed the loan with a private label securitization group.
Taking the loan to securitization allowed the borrower to
get the needed proceeds without stiff COVID-19 reserves while lowering the rate
significantly and getting 5 years of interest only on this transaction.
Location: Oklahoma
Property: 200 pad Mobile
Home Park
Loan Amount: $ 5,800,000
Interest Rate: 3.9%
Term: 10 Years with 5
years of interest only
Amortization: 30 Years
Prepayment: Defeasance
LTV: 70%
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