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TMG arranged the $1,000,000 purchase loan for a mobile home park in Illinois

Tags: mobile home park financing, MHP loans, MHP purchase loan
Friday, Jan 10, 2020
by Jared S

Summary:  The Madison Group (TMG), a leading national lending source of Mobile Home Park Financing nationwide, arranged the $1,000,000 purchase loan for a 96 unit mobile home park in Southern Illinois. 

The borrowers were seeking to work with a consultant and lender that could approach a tough transaction with both sensibility and speed.  Although a well-established park with excellent operating history and a very experienced buyer, the transaction presented certain hurdles that needed to be overcome by the right lender for the transaction.  With the flexibility and speed requested, the lender was able to secure an approval for the amount requested and terms anticipated and with the help of The team at The Madison Group navigated a challenging closing process to get the park under ownership prior to closing deadlines. 

Location:  Illinois

Property:  Mobile Home Park

Loan Amount: $1,000,000

Interest Rate: 6.25% Interest Only

Term:   5 Years

Amortization:   30 Years

LTV:  74%; LTPP: 87%

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