The Madison Group (TMG), a leading national lending source of manufactured housing community financing, arranged a $2,550,000 cash out refinance loan on two mobile home parks in Georgia.
The borrower’s goals were to obtain permanent financing to refinance their existing loan and take cash out to make planned improvements to the parks and to acquire additional mobile home parks. TMG was able to work with one of its leading lenders to accomplish this goal. The borrower, lender, and TMG were able to work closely together to make this transaction a smooth process.
Property: Two mobile home parks
Location: Georgia
Rate: 7.00% with rate re-set after 5 years
LTV: 40%
Loan Amount: 2,550,000
Term: 10 years (5+5)
Prepayment Penalty: None
Amortization: 30 years