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TMG arranged the $2M purchase of Mobile Home Park located in New York

Tags: MHP Bridge loan, Interest only financing, Mobile Home Park Financing
Friday, Nov 06, 2020
by Angela Kesselman

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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TMG arranged the $12.4M purchase of a NNN medical facility in Texas

Tags: NNN Financing, Medical Office Financing, Commercial loans
Friday, Oct 30, 2020
by Angela Kesselman

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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$4,000,000 purchase loan for two multifamily buildings. Low rate and no prepayment penalty

Tags: multifamily commercial loans, no prepayment loans, 1031 exchange, apartment financing
Thursday, Oct 29, 2020
by Jared Shupe

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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TMG arranged a $2,775,000 cash out refinance of a 51 pad MHP in Colorado

Wednesday, Oct 28, 2020
by Angela K

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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TMG arranged the $2,150,000 refinance for a Mobile Home Park in Washington

Tags: MHP financing, nonrecourse loans for MHP, MHC loans
Tuesday, Oct 27, 2020
by Brandi Link

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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