Mobile Home Park Financing
Summary: The Madison
Group (TMG), a leading national lending source of MHP/MHC financing, arranged
the $8MM refinance for a 105-unit in California. The final terms were a 7-year term, interest
only, with a rate of 3.07%. The loan is
non-recourse and the borrower received cash out from the transaction.
The 105-unit MHC is well located in Silicon Valley close to
office, retail shopping, residential, public schools, major employers, and
access to major transportation corridors.
The borrower’s goals were to refinance out of its existing
recourse-debt into non-recourse debt at a lower interest rate, take cash out to
invest in major improvements to its mobile home community, and to invest in
other commercial real estate opportunities on a predetermined schedule.
TMG was able to help the borrower meet their goals by offering
several financing solutions and loan options that allowed the borrower to
select the optimal financing solution that met the timing of the borrower’s
priorities and objectives.
Property: Mobile Home
Loan Amount: $8,133,000
Interest Rate: 3.07%
Term: 7 Years
only for 7 years