The Madison Group (TMG), a leading national lending source of RV Park and campground financing, arranged a $7,402,500 loan to purchase two RV Parks in Utah and fund improvements. One RV Park consisted of seven rental units and one RV pad. The other RV park had 38 rental units and 49 RV pads.
The borrower’s goals were to obtain one loan to purchase both RV parks and fund expansion at one of the parks. An additional goal was to have release provisions in the loan terms, in case one of the properties was sold.
TMG was able to work with a lender that was able to meet the borrower’s financing goals. The lender, borrower, TMG, and title company worked together to ensure a smooth and quick closing while the borrower was traveling.
Property: Two RV Parks
Location: Utah
LTC: 75%
Loan Amount: $7,402,500
Interest Rate: 5yr fixed rate – 7.65%
Term: 15 years (5+5+5)
Amortization: 25 years with a 15-year call
Prepayment Penalty: Declining 3 Year (3%, 2%, 1%)
Guarantee: Recourse