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The Madison Group arranges a cash out refinance loan for $1,860,000 on an MHP in Florida

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, refinance loan, cash out refi, cash out refinance
Tuesday, Oct 24, 2023
by Kyle Losch

The Madison Group (TMG), a leading national lending source of mobile home park financing nationwide, arranged a cash out refinance loan of $1,860,000 on a 40-pad park owned home MHP in Florida. The sponsor approached TMG and was looking for a cash out refinance so they could purchase another property.

TMG was able to work with a lender that could get comfortable with the cash out refinance. The lender was also able count the park owned home income and take the homes as collateral, which helped with the loan amount. The client was happy with their loan and is working on their next acquisition.

Property: MHP

Location: Florida

LTV: 70%

Loan Amount: $1,860,000 with additional loan of $588,000 for expansion

Interest Rate: 8.42%

Term: 5 years

Amortization: 30 years

Prepayment: 3,2,1,1

Guarantee: Recourse



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