The Madison Group (TMG), a leading national lending source
of mobile home park financing, arranged a $1,957,500 loan to purchase a 138-pad
mobile home park in Oklahoma.
The borrower’s goals were to acquire this MHP then complete
capital improvements, and infill with additional mobile homes. TMG was able to
work with a lender that could not only finance the real estate, but also the
park owned homes and future home purchases. In the end, the sponsors were happy
with the leverage they received on this transaction as well as the ability to
finance future home purchases to infill the park.
Property: MHP
Location: Oklahoma
Loan Amount 1: $1,957,500
Loan Amount 2: $1,029,000
Interest Rate: 7.29%
Terms: 5 years
Amortization: 30 years
Prepayment: 3,2,1
Guarantee: Recourse