Back to the full list of closings

news photo
Mobile Home Park Financing

Recent Closing with rate of 2.99% on a $4MM Refinance for MHP in South Carolina

Wednesday, Sep 16, 2020
by Barb

The Madison Group (TMG), a leading national lending source of Mobile Home Park financing, arranged the $4,000,000 refinance for a 4 MHP portfolio. The 4 separate parks are individual parcels but within 3 miles apart of one another and total 205 pads. The parks are well maintained and offer a safe and friendly environment for the tenants. One central office will manage the portfolio.

The processing and underwriting for the varied income and occupancies required attention to detail by underwriting and the team at TMG. The operating entity included four key principals which required focus on managing the financials and personal information.

The borrower’s goals were met by providing a loan covering the 4 assets, thereby allowing for $1,000,000 of cash out to purchase other properties and increase the overall cash flow.

“The borrowers and TMG worked in conjunction to present a package that met the lenders parameters. It was truly a team effort and required attention to detail by all involved. The borrowers can now take a few well-deserved days off knowing they achieved terms that at first did not seem possible, but in the end were achieved” said Jeff Meierhofer, TMG’s Director of Finance.

Financing Summary:

Location:  South Carolina
Property:  Mobile Home Park Portfolio
Loan Amount: $4,000,000
Interest Rate:  2.99%
Term:   10 Years – Interest Only
Amortization:   30 Years
Nonrecourse: Yes  
LTV:   55%

Full List of Recent Closings