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The Madison Group arranges a $1,875,000 cash out refinance loan on a 55-pad MHP community in central Florida

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
Wednesday, Mar 29, 2023
by Jared Shupe

The Madison Group (TMG), a leading national lending source of mobile home park financing nationwide, arranged a cash out refinance loan of $1,875,000 on a 55-pad community in Florida. The borrower approached TMG looking for a cash out refinance on his existing 100% occupied MHP. His primary goal was to refinance his current debt and eliminate his yield maintenance pre-payment penalty with his current lender, which the current rate market allowed him to do.

TMG worked with a credit union that could finance the MHP and provide a loan without a prepayment penalty. The credit union also locked the sponsor’s rate for 60 days, which was crucial given rates increased by about 0.50% from time of lock to close. The sponsor, lender, and TMG worked collectively to ensure the loan closed within the 60 day rate lock period. In the end, the sponsor was able to obtain a cash out refinance with a loan that has no prepayment penalty allowing him ultimate flexibility when rates lower.

Property: MHP

Location: Florida

LTV: 67.7%

Loan Amount: $1,875,000

Interest Rate: 6.375%

Term: 10 Years

Amortization: 30 Year

Prepayment: None

Guarantee: Recourse



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