Back to the full list of closings

news photo
MHP Loans

Recent closed loan: $2MM Refinance, Refinance, Purchase of MHC's in TN

Tags: Mobile Home Park Financing, MHP loans
Monday, Apr 08, 2019
by Barb

Summary:  The Madison Group (TMG), a leading national lending source of Mobile Home Park financing nationwide, arranged the $2,000,000  loan for a portfolio of 3 Manufactured Home Communities in TN.

The transaction was complicated by the necessity to use cash from 2 existing properties to get cash out to purchase another asset. The parks varied in quality and occupancy levels. The borrowers goals  were met by providing a portfolio loan of the three properties in one loan. 

TMG was able to source the funds needed to provide a timely closing in advance of the PSA expiring. The value add parks will now be able to be operated under one management team and increase occupancy and cash flow. Extra effort was needed to sort through the seller’s P&L to provide enough NOI for the loan size needed. The borrowers will reposition this 3 park asset over a 2 to 3 year period and refinance with cash out into a new long term loan.

Location: Tennessee 
Property: Three Mobile Home Communities
Loan Amount: $2,000,000
Interest Rate: 6.89%
Term: 5-Year
Amortization: 30-Year

Full List of Recent Closings