Back to the full list of closings

news photo
Mobile Home Park Financing

Recent Closed loan: $2,150,000 cash out bridge loan for MHP in Oregon

Friday, Apr 24, 2020
by Brandi Link

Summary:  The Madison Group (TMG), a leading national lending source of Mobile Home Park financing, arranged the $2,150,000 cash out bridge loan for MHP in Oregon.

The borrower’s goals were to get cash out from her refinance of Mobile Home Park to purchase a SFR. There was a short timeline to close this loan due to the contract date of the SFR purchase.

TMG sourced the right lender that could close in time allowed. The team faced many challenges along the course of underwriting. “We stayed in close contact with the seller’s agent to keep her apprised throughout the whole transaction. We did have a delay closing of the 7 days due to COVID-19, but were able to get this loan closed for the borrower” said Brandi Link, the lead originator at TMG.

Location:  Oregon

Property:  Mobile Home Park

Loan Amount: $2,150,000

Interest Rate: 7%

Term:   3 Years with 12-month IO

Amortization:  30 Years

Prepayment:   3%,2%,1%

LTV:   55%

Full List of Recent Closings