The Madison Group (TMG), a leading national lending source of mobile
home park and RV park financing, arranged a $2,485,000 loan to refinance a
135-pad park in Texas. The park mostly consisted of long-term tenants, with
some transient RV tenants. The park also had a small amount of storage units and
a retail shop that were leased.
The client purchased the park with a bridge loan due to their
purchase agreement deadline. The client was looking for a 70% LTC/LTV loan with
a 25-30 year amortization. TMG was able to work with a trusted lender that took
the time to understand the different revenue streams and provide terms the
client was seeking. The park was a nice addition to the client’s existing
portfolio in that market and he was very happy to be able to purchase the
property at $26K/pad.
Property: Mobile Home
Park / RV Park
Location: Texas
LTV: 70%
Loan Amount: $2,485,000
Interest Rate: 8.47%
Term: 12 years
Amortization: 30 years
Guarantee: Recourse