Back to the full list of closings

news photo

The Madison Group arranged a $3,278,000 cash out refinance nonrecourse loan for three mobile home parks in SC

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, refinance loan, cash out refi, cash out refinance, non-recourse financing
Friday, Jan 06, 2023
by Brandi Link

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



Full List of Recent Closings