Mobile Home Park Refinance
Summary: The Madison Group (TMG), a leading source of Mobile Home Park financing nationwide, arranged the $1,500,000 refinance for a 54 pad MHP in Washington for a long term client. The borrowers goals were to refinance the current loan that was maturing. He was looking for a rate and term refinance with a low interest rate, and less than 3 year prepayment penalty.
TMG received the file and had an loan offer to the borrower within 3 days. The processing team helped arrange signing with title to make sure a notary was sent to all borrowers in 3 different states to ensure all loan documents signed in a timely manner. TMG worked with the lender daily to make sure the closing of the loan was a smooth process.
Location: Washington
Property: Mobile Home Park
Loan Amount: $1,500,000
Interest Rate: 4.99%
Term: 10 Years
Amortization: 25 Years
Prepayment: 3.2.1
LTV: 65%