The Madison Group (TMG), a leading national lending source of RV Park financing, arranged a $1,575,000 loan to purchase an existing RV Park in Texas with 99 RV pads. The borrower was an experienced RV park owner/operator and came to TMG with the goal of obtaining the best financing terms at 70% LTC/LTV.
TMG was able to work with one of its lenders to meet the borrower’s financing goals with loan terms of a 6.75% interest rate, 70% LTV/LTC, and a 30-year amortization. The lender was also able to lock in the interest rate at application which helped the client mitigate interest rate risk in a rising rate environment. TMG, the borrower, and the lender diligently worked together to close the loan within the rate lock period.
Property: RV Park
Location: Texas
Loan Amount: $1,575,000
LTC/LTV: 70%
Interest Rate: 6.75%
Term: 10 years
Amortization: 30 years
Prepayment: 3,2,1
Guarantee: Recourse