Summary: The Madison Group (TMG), a leading national
lending source of Mobile Home Park Financing, arranged the $3,100,000 refinance
for a 44-unit MHP in Wyoming. The borrower’s goals were to obtain a cash out
loan to refinance current note and to pay off debt of the purchase of the mobile
homes he had placed in the park. He will also use the additional funds to purchase
an additional mobile home park in the future. The
park has 44 lots of which 68% have park owned homes and are on a private septic
system and well.
TMG assisted the borrower and lender to negotiate the
additional funds that will be used to pay off the debt owed on the mobile home
units. This successful closing with aide
the borrower to increase his cash flow.
Location:
Cheyenne WY
Property: Mobile Home Park
Loan Amount: $3,100,000
Interest Rate: 5.6% Interest only for 12
months
Term: 5-Years
Amortization: 30 Years