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TMG arranged a $2,775,000 cash out refinance of a 51 pad MHP in Colorado

Wednesday, Oct 28, 2020
by Angela K

The Madison Group (TMG), a leading national lending source of Mobile Home Park financing arranged a $2,775,000 cash out refinance of a 51 pad mobile home community located in Colorado.  The final loan terms were rate of 2.9% on a 10 year fixed rate term, 30 year amortization with non-recourse financing. 

The borrower purchased the property in 2017 and wanted to take advantage of lower rates currently available to get some cash for park repairs and lower his interest rate, while securing a non-recourse loan on the property.

TMG was able to reduce the owner’s rate from 4.625% on a 7 year term to 2.99% on a 10 year term with no recourse and a longer term.  They were able to take some cash out of the property to make some improvements and keep their monthly payment at roughly the same amount.   In addition, Covid reserves were not required on this transaction.

Location:  Colorado

Property:  Mobile home park

Loan Amount: $2,775,000

Interest Rate:  2.9%

Term:   10 Years

Amortization:  30 Years

Prepayment:   Defeasance

LTV:   60%

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