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The Madison Group arranged a $5.6MM nonrecourse loan to purchase and expand an existing mobile home park in Louisiana.

Tags: MHC Financing, MHP Financing, MHC Loans, MHP Loans, Mobile Home Park Loans, Mobile Home Park Financing, Mobile Home Park Lender, Commercial Loans, Commercial Real Estate Loans, Multi-family Loans, Multi-family Financing, Non Recourse Financing, Non Recourse Loans, nonrecourse loans, nonrecourse financing
Tuesday, Apr 26, 2022
by Kyle Losch

The Madison Group (TMG), a leading source of mobile home park financing nationwide, arranged a $5.6 million nonrecourse loan to purchase and expand a mobile home park in Louisiana. The Park consisted of 61 park owned homes and an additional 30 mobile homes were being installed prior to closing. After closing the client was purchasing and installing an additional 28 mobile homes. The goal was to convert all park owned homes into tenant owned homes within three years.

The Madison Group was able to arrange a 3-year interest only bridge loan with (2) one year extension options. This loan structure was perfect for the client, allowing them enough time to purchase, install, and convert all park owned homes into tenant owned homes.

Location: Louisiana

Loan Amount: $5,600,000

Interest Rate: 4.875% fixed for 3-years

Term: 3-years with (2) one year extension options

LTV: 65%

Nonrecourse

Prepayment: 1% if refinanced with another lender within the first two years



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