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TMG arranged the $2M purchase of Mobile Home Park located in New York

Tags: MHP Bridge loan, Interest only financing, Mobile Home Park Financing
Friday, Nov 06, 2020
by Angela Kesselman

Summary:  The Madison Group (TMG), a leading national lending source of mobile home park financing arranged the $2M purchase of park located in New York.

The borrowers came to TMG with the intent of buying a park where the buyer had been running the operations for the past few years.  They had never owned a park before,  but knew the operations side of the business.   They only had 10% to put down on the purchase.

TMG analyzed the financials and suggested a loan with 10% down and a seller carryback for the transaction with interest only for 2 years.  The seller was able to accommodate the 2nd and the buyers are going in initially with enough equity to refinance out in the next two years.  This was a win for the buyers and they are excited to own their first piece of commercial real estate.

Location:  Riverhead NY

Property:  51 space MHP

Loan Amount: $1,400,000

Interest Rate: 10.5 %

Term:   2 Years IO

LTV:   70%

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