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
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
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.
Residential Mobile Home Units
Loan Amount: $1,300,000
Interest Rate: 4.08%
Term: 10 Years