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TMG arranged the $1,300,000 cash out refinance of a MHC in Texas

Tags: Mobile Home Park Financing, Cash out loans, Nonrecourse loans for MHC
Friday, Apr 23, 2021
by Paul Kuster

The Madison Group (TMG), a leading national lending source for MHP/MHC financing, arranged the $1,300,000 refinance for a 45-unit MHC in Texas.  The final terms were a 10-Year fixed term, 30-year amortization, with a rate of 4.08%.  The loan is nonrecourse and the borrower received cash out from the transaction.

The 45-unit MHC is well located adjacent to a planned SFR residential community with public schools, retail shopping, access to major transportation corridors, close to major employers, and twenty minutes from downtown Houston.

The borrower’s goals were to refinance out of two existing high-rate loans which were cross collateralized by the subject MHC in Houston and another MHC located three hours away in a small town in Texas.  The financing provided cash out to the borrower, placed new debt on the Houston MHC, and eliminated the debt on the MHC which was located outside of Houston.

Because the borrowers were out of state owners and operate a business full time in their state of primary residence, TMG was able to work with the borrowers at mutually convenient times to process and close the loan in a reasonable time frame.

Location:  Texas

Property:  45 Residential Mobile Home Units

Loan Amount:  $1,300,000

Interest Rate:  4.08%

Term:  10 Years

Amortization:  30 Years

Prepayment:  Yield Maintenance

LTV:  65%

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