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%