The Madison
Group (TMG), a leading national lending source of RV and Mobile Home Park
financing, arranged the loan for a $3,285,000 purchase of a RV, Cabin, and
Campground Resort in Oklahoma. Being an
out of state purchaser with no ties to local financing, the borrowers enlisted
the help of The Madison Group to find competitive loan terms and an efficient
loan process on the rural Oklahoma asset.
With a hard deadline for closing, The Madison Group quickly
secured multiple solid LOI’s with lending sources, both locally and
regionally. Once the borrower selected a
lender, the loan was approved, documented, and closed efficiently and on time
despite several challenges with property vesting and entity structure. The borrower was pleased with the process,
the professionalism of the lender, and the overall execution of the
transaction.
Location: Oklahoma
Property: RV, Cabin,
and Campground Resort
Loan Amount: $2,270,000
Interest Rate: 4.25%
Term: 10 Years – 12
month I/O period included
Amortization: 20 Years
Prepayment: 3,2,1,1,1
– Waived after 36 upon arm’s length sale
LTV: 70%