The Madison Group (TMG), a leading national lending source of mobile home community financing, arranged a $7,725,000 loan to refinance a mobile home park in AL. The 5-star park was a brand new 204 pad park that was recently developed and stabilized with mostly park owned homes.
The repeat client was looking to refinance the newly constructed park, payoff the existing construction loan, payoff park owned home debt and get cash out. The sponsor also was looking for the lowest rate with no prepayment penalty and some interest only period. The team at TMG needed to find a lender that was okay with the sponsors needs and that would lend on a park that was mostly comprised of park owned homes.
TMG was able to find a lender that was able to provide the client with everything they wanted at a great rate, given the market. The client was very happy and TMG was able to close another loan similar to this with the same client and lender.
Property: Mobile Home Community
Location: Alabama
Rate: 6.50%
LTC: 55%
Loan Amount: $7,725,000
Term: 10 years with 3 years of interest only
Prepayment Penalty: None
Amortization: 30 years