Mobile Home Park Financing
Summary: The Madison
Group (TMG), a leading national source for Mobile Home Community financing,
arranged the $2.55MM nonrecourse purchase loan for a 66 pad park in Oregon. The borrowers’
goals were to purchase the property with nonrecourse financing, and a 30-year
amortization along with some interest only payments.
The property is in a rural setting outside of North Bend
Oregon. The 1980s style park is fully
occupied and has a mix of double and single wide homes. The buyers are repeat clients for TMG and own
and operate several other parks.
TMG was able to secure financing for the property with a
loan that offered a 30-year amortization and a 10-year fixed rate at 4.1% along
with 5 years of interest only. The
lender did not require any reserves for the septic system and offered
nonrecourse to the buyers.
Property: 66 pad Mobile
Loan Amount: $1,657,000
Interest Rate: 4.1% fixed
for 10 years, 5 years Interest Only
Term: 10 Years
LTV: 65 %