Summary: The Madison
Group (TMG), a leading national lending source for recreational vehicle (RV)
parks, arranged the $1,900,000 Bridge Loan for an 147 pad, 21 acre RV Park in
South Florida.
The borrower was seeking a quick refinance of existing
seller carry back debt to allow them to free up funds to capitalize on the
purchase another portfolio of RV parks in the region. The primary need for the loan was it had to
close quickly. The Madison Group matched
the borrower’s time and need with a lender that was able to perform on a short
term bridge basis to accomplish the goals of the project. TMG with its processing and closing
department assisted the borrower and the lender in gathering all information
necessary, completing 3rd party reports, and negotiating a deal that
was a win for all parties.
Location: Florida
Property: 147 pad RV
Park
Loan Amount: $1,900,000
Interest Rate: 12%
Term: 1 Year with
two 6 month extension options
Amortization: Interest
Only
Prepayment: None
LTV: 54%