The Madison Group (TMG), a leading national source for mobile
home park financing, arranged a $2.8M loan to refinance a fully occupied 128
pad park in a suburb of Houston, Texas.
The property stays fully occupied with tenant owned homes
and single wide homes. The park is owned and operated by an out of state
borrower.
The borrowers’ goals were to secure the lowest rate possible
on a cash out refinance. They wanted to
reduce liability and increase cash flow while locking in a low interest rate
before market rates increased dramatically.
TMG was able to place the loan with an agency lender to
secure a non-recourse 12-year fixed rate with interest only payments throughout
the entire term. The I/O allowed the
owner to increase his cash flow while getting a large amount of cash out at a
low rate.
Location: Texas
Property: 128 pad
Mobile Home Park
Loan Amount: $ 2,800,000
Interest Rate: 4.2%
Term: 12 Years
Amortization: Full
term IO
Prepayment: Yield
maintenance