The
Madison Group (TMG), a leading national lending source of manufactured housing
communities, successfully arranged the assumption of an existing Fannie Mae
loan for an 80-pad mobile home park in Texas.
TMG
originally structured the Fannie Mae loan three years ago on behalf of the
seller. Upon the seller’s decision to divest the asset, TMG was introduced to
the buyer and played a pivotal role in facilitating the assumption of the
existing financing.
The
loan being assumed carried a favorable fixed interest rate of 5.78%, a
significant advantage in today’s higher-rate environment. The buyer was pleased
to secure the assumption, as the terms were more attractive than current market
offerings.
The
Madison Group continues to serve as a trusted advisor in the mobile home park
finance sector, offering a range of tailored solutions to meet the evolving
needs of investors and owners nationwide.
Property: Mobile Home Park
Location: Texas
LTV: 57%
Interest Rate: Assumed the rate of 5.78%
Loan Amount: $2,153,000
Term: It was a 10 year note in 2022 but there are only 6 yrs
left on the term
Amortization: 30 years
Prepayment Penalty: Yield Maintenance