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.
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
LTV: 65 %