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
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.
Property: Mobile Home Park (MHC)
Loan Amount: $ 2,550,000
Interest Rate: 3.55%
Term: 15 Years