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TMG arranged the $6,200,00 cash out refinance of a rural park in Wyoming

Tags: Mobile Home Park Financing, MHP loans, Cash out loans, Nonrecourse loans
Monday, Dec 28, 2020
by Angela

The Madison Group (TMG), a leading national source of Mobile Home Park financing arranged the $6,200,00 cash out refinance of a rural park in Wyoming.

The borrower came to TMG to see if he could refinance his 214-pad park to lower his current rate and get a significant amount of cash out.  The park is in a small rural market and needed some repairs.  The team at TMG worked with our agency lenders to find a fit for this loan request.  FNMA was unwilling to go into this market; but Freddie Mac was able to move forward with an application.

TMG was able to close this loan on a 30-year amortizing loan with a rate of 3.54% fixed rate for 10 years with 3 years of interest only payments.  The owner closed on the loan and is now making repairs to the park, while looking for another park to purchase with the cash.

Location: Wyoming

Property:  214 pad Mobile Home Community    

Loan Amount: $ 6,200,000

Interest Rate:  3.54%

Term:  10 Years with 3 years of Interest Only

Amortization:   30 Years

Prepayment:   Defeasance

LTV:  65 %

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