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The Madison Group arranged the $2.55M refinance for a MHP in Idaho

Tags: Mobile Home Park Financing, MHP loans, MHC loans, Partner
Thursday, Sep 30, 2021
by Angela Kesselman

Summary:  The Madison Group (TMG), a leading national source of Mobile Home Park financing, arranged the $2.55M refinance of a park in Idaho.  The borrower’s goals were to refinance the loan at a lower interest rate and buyout a partner from the ownership interests. 

The property is a well performing 60 pad park just East of Boise.  It consists of a mix of single and double wide homes and sits on 9 acres.  The borrower needed a loan with a low interest rate that would also allow the property to be passed along to children for estate planning purposes. 

TMG was able to secure a long-term loan with enough cash to buy out the partner and comply with the owner’s succession plans.  The final terms were secured with a 15-year term, fixed for 7 years at a rate of 3.55%.  The sponsors were also given 5 years of interest only payments, which maximizes their cash flow and a limited recourse loan.  

Location:  Idaho

Property:  Mobile Home Park (MHC)

Loan Amount: $ 2,550,000

Interest Rate:  3.55%

Term:   15 Years

Amortization:  30 Years

Prepayment:   5/4/3/2/1%

LTV:   65%

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