Back to the full list of closings

news photo

The Madison Group arranges a $5,620,000 loan to refinance and expand an RV Park in Texas

Tags: RVP Financing, RV Park Loans, RVP Loans, Commercial Loans, Commercial Real Estate Loans, Multi-family Loans, Multi-family Financing, refinance loan
Wednesday, Aug 09, 2023
by Paul Kuster

The Madison Group (TMG), a leading national lending source of RV Park and campground financing, arranged a $5,620,000 loan to refinance an RV Park in Texas and fund a 63-pad expansion. The RV Park consisted of 65-pads and was currently undergoing an expansion of an additional 63 pads, along with adding a second laundry facility. The borrower’s goals were to refinance the existing bridge loan, fund the remaining expansion, and pay off some ancillary debt.

TMG was able to work with a lender that was able to provide financing despite the 63-pad expansion already being underway. The lender, borrower, and TMG worked together to ensure a smooth and quick closing so the borrower could continue his expansion process.

Property:  RV Park

Location: Texas

LTV As Complete: 70%

Loan Amount: $5,620,000

Interest Rate: 8.75%

Term: 3 years – Interest only

Amortization: 25 years if one year extension is exercised

Prepayment: 3% if paid during year 1 and 1% if repaid during months 13-21

Guarantee: Recourse



Full List of Recent Closings