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Successful MHP loan closing - $1,350,000 nonrecourse refi for a park in Oregon

Tags: mobile home park financing, MHC loans, MHP loans, nonrecourse loans
Tuesday, Aug 18, 2020
by Paul Kuster

The Madison Group (TMG), a leading national lending source of MHP/MHC financing, arranged the $1,350,000 refinance for a 50-unit MHP in Oregon.  The final terms were a 12-year fixed term, 30-year amortization, with a rate of 3.38%.  The loan is nonrecourse and the borrower received cash out from the transaction.

The borrower’s goals were to refinance the existing debt with a new nonrecourse loan and take cash out for reserves and other business uses. Because the borrower operates a business full time during the day, TMG was able to work with the borrower in the evenings and on the weekends to process and close the loan in a reasonable time frame.

Location:  Oregon
Property:  Mobile Home Park
Loan Amount: $1,350,000
Interest Rate:  3.38%
Term:   12 Years
Amortization:  30 Years
Prepayment:   Yield Maintenance
LTV:   65%

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