Summary: The Madison
Group (TMG), a leading national lending source of mobile home park financing
arranged the $2M purchase of park located in New York.
The borrowers came to TMG with the intent of buying a park
where the buyer had been running the operations for the past few years. They had never owned a park before, but knew the operations side of the
business. They only had 10% to put down on the purchase.
TMG analyzed the financials and suggested a loan with 10%
down and a seller carryback for the transaction with interest only for 2
years. The seller was able to
accommodate the 2nd and the buyers are going in initially with
enough equity to refinance out in the next two years. This was a win for the buyers and they are
excited to own their first piece of commercial real estate.
Location: Riverhead
NY
Property: 51 space
MHP
Loan Amount: $1,400,000
Interest Rate: 10.5 %
Term: 2 Years IO
LTV: 70%
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The Madison Group (TMG), arranged the $12.4M purchase of a
NNN medical facility outside of Austin Texas.
The buyer’s goals were to secure a non-recourse loan on this
asset while using 1031 proceeds for the purchase. The tenant is a local physician who owns
several facilities in the market but is not a credit tenant. TMG was able to close the loan well in
advance of the 1031 and contract deadlines.
The final loan terms were a 30 year amortization and a 7
year call on the transaction with 3 years of interest only payments at a rate
of 3.88%. TMG was able to accommodate the
buyers desire to be able to have the option to sell in year 5-7 without a
prepayment penalty. Location: Texas
Property: Family
Hospital with full functionality of traditional hospital
Loan Amount: $ 7,440,000
Interest Rate: 3.88%
Term: 7 Years
Amortization: 30 Years
Prepayment: Swap for
5 years, then open prepay
LTV: 60 %
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Summary: The Madison
Group (TMG), a leading national lending source of Multifamily financing
arranged purchase financing in the amount of $4,000,000 on two recently
renovated multifamily buildings in a metro area in Virginia.
The non-local borrower’s goals were to find the best
financing for the properties that she had identified to satisfy her 1031
exchange. Working closely with the
lender, attorneys, selling brokers, and closing agents, The Madison Group
helped the borrower navigate a complex closing in an unfamiliar market. The transaction closed on time and all
parties concluded the process very satisfied.
Location: Virginia
Property: Two
Multifamily Buildings
Loan Amount: $4,000,000
Interest Rate: 3.8%
Term: 10 Years
Amortization: 30 Years
Prepayment: None
LTV: 65%
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 The Madison Group (TMG), a leading national lending source
of Mobile Home Park financing arranged a $2,775,000 cash out refinance of a 51
pad mobile home community located in Colorado.
The final loan terms were rate of 2.9% on a 10 year fixed rate term, 30
year amortization with non-recourse financing.
The borrower purchased the property in 2017 and wanted to
take advantage of lower rates currently available to get some cash for park
repairs and lower his interest rate, while securing a non-recourse loan on the
property.
TMG was able to reduce the owner’s rate from 4.625% on a 7
year term to 2.99% on a 10 year term with no recourse and a longer term. They were able to take some cash out of the
property to make some improvements and keep their monthly payment at roughly
the same amount. In addition, Covid
reserves were not required on this transaction.
Location: Colorado
Property: Mobile home
park
Loan Amount: $2,775,000
Interest Rate: 2.9%
Term: 10 Years
Amortization: 30
Years
Prepayment: Defeasance
LTV: 60%
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Summary: The Madison
Group (TMG), a leading national lending source of Mobile Home Park financing
arranged the $2,150,000 refinance for a Mobile Home Park in Washington.
The borrower’s goals were to lower their current interest
rate, get some cash out, and lock in a long-term loan in the current low rate environment.
TMG negotiated the best loan terms with a quality lender and
assisted the borrower during the loan process. The team worked with the lender, underwriting
and legal teams to get the loan closed in a timely manner.
Location: Washington
Property: Mobile Home
Park
Loan Amount: $2,150,000
Interest Rate: 3.12%
Term: 10 Years
Amortization: 30
Years
Prepayment: Yield
Maintenance
LTV: 33%
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