The Madison Group (TMG), a leading national lending source of
mobile home park financing nationwide, arranged a loan for $1,578,000 to
purchase a Mobile Home Park in Kansas. The park consisted of 68 pads located
within a short distance of Kansas City, KS.
Our client, seeing the value that could be added by adjusting to market
rents, needed a lender that could work with them to value the property based on
adjusted lot rents in a short time frame.
Using a lender that TMG has a strong relationship with, we were able to
accomplish the goals of our sponsor and allow for the purchase of the
property. TMG tries to source relationships
that bring value to all parties concerned and this transaction allowed for our
sponsor to take down the property with expansion in mind. TMG and the sponsor are already discussing
looking at other opportunities to work together in 2025.
Property: MHP
Location: Kansas
LTV: 70%
Loan Amount: $1,748,000
Interest Rate: 7.63%
Term: 10 years (First 12 months on interest only payments)
Amortization: 30
years
Prepayment: 3,2,1
Guarantee: Recourse