The Madison Group (TMG), a leading national lending source of
mobile home park financing nationwide, arranged a cash out refinance loan for
$1,250,000 on a Mobile Home Park in AZ. The park consisted of 25 pads and 7
park owned homes. The client reached out to TMG and was looking for a cash out
refinance with a lender that would not take the park owned homes as collateral.
TMG was able to work with a lender that would allow park owned
homes, but not take the homes as collateral. The lender was flexible with the
cash out proceeds, which were disbursed at closing with no restrictions. The
client was very happy and is looking for their next purchase.
Property: MHP
Location: Arizona
LTV: 69%
Loan Amount: $1,250,000
Interest Rate: 8.78%
Term: 5 years
Amortization: 30 years
Prepayment: 3,2,2,1,1
Guarantee: Recourse