Summary:  The Madison
Group (TMG), a leading national lending source of Mobile Home Park financing
arranged a loan for $2.1M purchase of a 51-pad mobile home park located just
outside of Tucson, AZ.  The loan closed
at a 70% LTV and a 30-year amortization. 
The borrowers’ goals were to purchase the park with the
highest leverage available and the best available rate for this asset.  The property is located in a corridor just
outside of Tucson.  There are dirt
alleyways and one home sits on a dirt road, which was a challenge for some
lenders.  In addition, the property has a
septic system and well water.  The
borrowers reside out of state.  
TMG sought out a lender that could get comfortable with the
park at 70% leverage.  We were able to
close the loan on time with a national MHP lender who specializes in park
financing.   TMG also negotiated 1 year
of interest only payments on the loan which gives the buyers some extra cash
flow to do some minor improvements over the next year.   
Location:  Arizona
Property:  52 pad
mobile home park
Loan Amount: $1,470,000 
Interest Rate:  4.5% 
Term:  10 Years 
Amortization:   30 Years
Prepayment:   3/2/1%