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RV/Mobile Home Park Financing

The Madison Group arranged a $5,000,000 loan for the purchase of an RV/MH park in Washington

Tags: Mobile Home Park Financing, Mobile Home Park Loans, RV Park Financing, RV Park Loans, Mobile Home Community Financing, Mobile Home Community Loans, Bridge Loan, Commercial Loan, Commercial Real Estate Loans.
Thursday, Dec 30, 2021
by Angela Kesselman

The Madison Group (TMG), a leading source of mobile home park and RV park financing nationwide, arranged a $5,000,000 loan on a $7,200,000 purchase of an RV/MHP community in the state of Washington. The buyer needed to secure financing quickly to satisfy a 1031 exchange by year end.  TMG provided a 3-year fixed rate bridge loan of 5.75%, interest only for the full term.

The 81-pad park is located in a suburb of Seattle, WA. The park is currently being operated with a large percentage of long-term RVs on site. The buyer plans to move the long-term RVs out and replace them with mobile homes. The buyer currently owns multiple parks, is experienced in turn arounds, and has their own management team that will manage the operations and capital improvements.

Given the short timeline, the holiday season, and the transition of the property, TMG decided a bridge loan with one of their trusted lenders would best serve the client. The trusted lender was able to close the transaction in 32 days on a short-term interest only loan.

Location: Washington

Property: 81-pad park

Loan Amount: $5MM

Interest Rate: 5.75% 3-year fixed rate

Term: 3-years – interest only

LTV: 69%

Timeframe: Closed in 32 days

“We were able to successfully satisfy the needs of the buyer and provide an excellent loan that will enable them to execute their plan for this park” said Angela Kesselman, TMG’s Associate Director of Finance.

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