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Mobile Home Park Financing

TMG arranged the $2.55MM nonrecourse loan for a 66 pad park in OR

Tags: Mobile Home Park Financing, Nonrecourse loans for MHP, Cash out loans, Interest Only
Tuesday, Sep 14, 2021
by Angela Kesselman

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. 

Location:  Oregon

Property:  66 pad Mobile Home Park

Loan Amount: $1,657,000

Interest Rate:  4.1% fixed for 10 years, 5 years Interest Only

Term:   10 Years

Amortization:  30 Years

Prepayment:   5/5/4/4/3/2/1% declining

LTV:  65 %

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