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
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.
Property: 200 pad Mobile
Loan Amount: $ 5,800,000
Interest Rate: 3.9%
Term: 10 Years with 5
years of interest only
Amortization: 30 Years