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The Madison Group arranged a $2.8MM loan to refinance and get cash out of a 128 pad 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, Non Recourse Financing, Non Recourse Loans
Wednesday, Feb 09, 2022
by Angela Kesselman

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

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