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The Madison Group arranged the $5,800,000 refinance of a 200-pad park in Oklahoma

Tags: Mobile Home Park Financing, MHC loans, Nonrecourse loans, Cash out loans
Wednesday, Jan 20, 2021
by Angela

The Madison Group (TMG), a leading national lending source of MHP/MHC financing, arranged the $5,800,000 refinance of a 200-pad park in Oklahoma. 

The mobile home community is in a good area of Tulsa with easy access to the freeway.  It has excellent infrastructure, including concrete roads and driveways.  The owner purchased the park several years ago and has been increasing the quality of the park and tenants since the purchase. 

This long-time client came to TMG to request a lower rate and a new loan with interest only payments.  The occupancy was too low for agency lenders in this market, so TMG successfully placed the loan with a private label securitization group.

Taking the loan to securitization allowed the borrower to get the needed proceeds without stiff COVID-19 reserves while lowering the rate significantly and getting 5 years of interest only on this transaction. 

Location:  Oklahoma

Property:  200 pad Mobile Home Park

Loan Amount: $ 5,800,000

Interest Rate:  3.9%

Term:  10 Years with 5 years of interest only

Amortization:   30 Years

Prepayment:   Defeasance

LTV:   70%

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