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
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.
Property: Mobile home
Loan Amount: $2,775,000
Interest Rate: 2.9%
Term: 10 Years