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TMG arranges $2.3MM cash out refinance on a MHP in CA

Wednesday, Oct 07, 2020
by Angela K

The Madison Group (TMG), a leading national lending source of Mobile Home Park financing arranged the $2,385,000 cash out refinance of a mobile home park in California.  The park has 50 mobile home park pads along with one commercial property.

The borrowers were seeking a cash out refinance to purchase another property and increase their cash flow, while taking advantage of low rates.  

TMG was able to get them significant cash out of the property to purchase another asset and close on a low interest rate of 3.3%, along with a 30 year amortization and a 15 year term. 

 Location:  California

Property:  50 Mobile Home Park pads, with one commercial property

Loan Amount: $2,385,000

Interest Rate: 3.3 % fixed for 5 years; readjusts each 5 year period

Term:   15 Years

Amortization:  30 Years

Prepayment:   3/2/1%

LTV:   65%

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