The Madison Group (TMG), a leading
source of mobile home park financing
nationwide, arranged a $21M purchase money loan for a portfolio of parks in Illinois. The borrowers needed to purchase the
properties with a non-recourse bridge loan on a short timeline. TMG secured the financing with a 3+1+1 year bridge loan with a rate of 4.1% interest only
for the term.
consisted of three parks with a total of 624 pads. All the parks are located outside of Chicago. Each
park had its own challenges with high numbers of park owned homes, abandoned
homes that needed to be demolished, and one with a large number of vacant lots.
the challenges of each park by arranging a loan with a quick closing and
flexible terms. The term of the loan will allow the clients to address each
park’s challenges and the reserves will allow them to increase occupancy,
remove any deferred maintenance, and make necessary improvements. The bridge
loan was also secured with a competitive rate at 4.1%.
“The loan we provided will allow the
buyers to stabilize and improve these properties while building substantial
equity in these assets .” said
Angela Kesselman, TMG’s Associate Director of Finance.