Summary: The Madison
Group (TMG), a leading national lending source for mobile home parks, arranged
the $5,000,000 refinance of three parks located in Florida.
The three mobile home parks were previously damaged by a hurricane
several years ago. The owners had been
able to rebuild the infrastructures and remove damaged homes. They brought in a large number of new park
owned homes (POH) and have leased them out. They are experienced operators and
the parks have good cash flow.
The borrowers were referred to TMG by another repeat client.
Their goals were to refinance existing
debt, including POH debt. They wanted some cash out to buy more homes and do
some road work within the parks.
TMG was able to source a loan with a lender that was
comfortable with the high percentage of POH and cash out. The owners have their own construction crews
and they wanted to monitor the funds themselves. The loans were consolidated into one term
loan and cash disbursed to the owners.
The loan will enable them to add more homes to empty pad sites and
continue to increase their revenues on this loan term hold.
mobile home parks totaling 151 pads
Loan Amount: $5,000,000
Interest Rate: 5.41%
Term: 5 years
Amortization: 30 years