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The Madison Group arranged a $1.5MM cash out refinance loan for a 116-unit MHP in Texas.

Tags: MHC Financing, MHP Financing, MHC Loans, MHP Loans, Mobile Home Park Loans, Mobile Home Park Financing, Commercial Loans, Cash Out Loans, Interest Only Loans, Commercial Real Estate Loans, Multi-family Loans, Multi-family Financing
Wednesday, Feb 09, 2022
by Paul Kuster

The Madison Group (TMG), a national source of MHP/MHC financing, arranged a  $1.5MM loan to refinance a 116-unit MHP in Texas.  The final terms were a 3-year term, interest only for the first 12-months, with a rate of 4.95%.  The loan is recourse and the borrower received cash out from the transaction.

The 116-unit mobile home park is located in a growing east Texas tertiary market with city water and sewer services.  56% of the occupied units are park owned homes.

The borrower’s goals were to take cash out to invest in improvements to its mobile home park and to invest in a commercial real estate opportunity that the borrower had under contract in another state.

TMG was able to help the borrower meet his goals by offering several financing solutions and loan options that allowed the borrower to select the optimal financing solution that met the timing of the borrower’s priorities and objectives.

Location:  Texas

Property:  Mobile Home Park

Loan Amount:  $1,500,000

Interest Rate:  4.95%

Term:   3 Years with options to renew

Amortization:   20 Years with the first 12 months interest only

Prepayment:  1%

LTV:   65%

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