The Madison Group (TMG), a national lending source of mobile
home park financing, arranged a $14.5MM loan to refinance and provide cash out
on a 215-space mobile home park.
The repeat client came to TMG looking to unwind and
refinance their existing SWAP loan, as well as obtain cash out. The client
wanted a 30-year amortization with a low fixed rate. It was important to the
client that TMG find a lender that locked the interest rate at application
given the rising rate environment.
TMG delivered by arranging a $14.5MM loan with a 30-year
amortization, no prepayment penalty, and a 4.5% 7-year fixed rate locked in at
application. After two appraisals and a rate lock extension fee, the team was
able to close the transaction at the quoted rate of 4.5%.
Property: Mobile Home
Loan Amount: $14,500,000
Interest Rate: 4.50% -
7 year fixed
Term: 10yr term
Amortization: 30 Years