The Madison Group (TMG), a leading source of mobile home park financing nationwide, arranged a $502,500 loan to refinance and cash out on an existing mobile home park in Texas. The 25-pad park is located on 18 acres and was 100% occupied. There were 5 park owned homes and 20 tenant owned homes.
The Madison Group was able to arrange a $502,500 loan with a 5.90% five-year fixed rate and a 25-year amortization. The Madison Group was also able to obtain a loan with no prepayment penalty so the sponsors could refinance without penalty at any time. The loan structure was perfect for the client, allowing them to cash out of their existing mobile home park and purchase another park to add to their portfolio.
Location: Texas
Loan Amount: $502,500
Interest Rate: 5-year fixed rate: 5.90%
Term: 5-years
Amortization: 25 years
LTV: 80%
Recourse
Prepayment: No Prepayment Penalty