Mobile Home Park Financing
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%