The Madison Group (TMG), a leading
source of mobile home park financing
nationwide, arranged a cash out refinance nonrecourse loan of $3,278,000 on
three mobile home parks in South Carolina. The repeat clients came to TMG
requesting a nonrecourse loan with a 10-year fixed rate, 30-year amortization,
and a couple years of interest only payments.
The three mobile home parks
consisted of 330 pads and were in proximity of each other. The clients
purchased the parks in 2018 and expanded them while cleaning up the parks. TMG
worked with a nonrecourse lender that could take all three mobile home parks as
collateral and provide cash out proceeds. The lender was able to provide a
$3,278,000 loan with 5-years of interest only payments followed by a 30-year
amortization. The clients were happy with cash out proceeds and are looking for
their next property.
Location: South
Carolina
Loan amount: $3,278,000
LTV/LTC: 65%
Term: 10 years
Rate: 6.54%
Amortization: 5-years
of I/O – followed by 30-year amortization
Nonrecourse
Prepayment:
9.5-year yield maintenance