Summary: The Madison
Group (TMG), a leading national lending source of MHP/MHC financing, arranged
the $1,700,000 refinance for a 100-unit MHP in Ohio. The final terms were a 10-year fixed term
with the first-year interest only, 30-year amortization, with a rate of 3.50%. The loan is nonrecourse and the borrower
received cash out from the transaction.
The borrower’s goals were to refinance out of the existing
high rate seller financing debt with a new nonrecourse loan and take cash out
for reserves and other business uses.
The borrowers were out of state owners and operate a
business full time in their state of primary residence. TMG was able to work with the Lender and borrowers
at mutually convenient times to process and close the loan in a reasonable time
Property: Mobile Home
Loan Amount: $1,700,000
Interest Rate: 3.50%,
interest only for the first year
Term: 10 Years