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The Madison Group arranged a $2.563MM loan to purchase a mobile home park in IA

Tags: MHC Financing, MHP Financing, MHC Loans, MHP Loans, Mobile Home Park Loans, Mobile Home Park Financing, Mobile Home Park Lender, Commercial Loans, Commercial Real Estate Loans, Multi-family Loans, Multi-family Financing, Non Recourse Financing, Non Recourse Loans
Sunday, Mar 27, 2022
by Jared Shupe

The Madison Group (TMG), a leading national lending source for mobile home communities arranged a $2,562,000 agency loan to purchase a 74 unit mobile home park in Iowa.  The borrower located The Madison Group through an internet search of leading mobile home park financing sources as they had very specific needs for the financing of the park.  After a conversation with the borrower, The Madison Group was able to provide a non-recourse agency option for the park that the borrower didn’t believe existed or could be done.  Through diligent efforts and tremendous professionalism from the borrower, and unmatched capability and efficiency from one of The Madison Groups preferred agency lenders, the loan closed on time and with the exact terms proposed.  

Location:  Des Moines, IL            

Property:  74 Site Mobile Home Park

Loan Amount: $2,562,000

Interest Rate:  5.33%

Term:   10 Years

Amortization:   30 Years

Prepayment: 5%, 5%, 4%, 4%, 3%, 3% 2%, 2% 1%, 1% in years 1-10 

LTV:   75%

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