The Madison Group (TMG), a leading national lending source of mobile home park financing nationwide, arranged a cash out refinance loan of $1,860,000 on a 40-pad park owned home MHP in Florida. The sponsor approached TMG and was looking for a cash out refinance so they could purchase another property.
TMG was able to work with a lender that could get comfortable with the cash out refinance. The lender was also able count the park owned home income and take the homes as collateral, which helped with the loan amount. The client was happy with their loan and is working on their next acquisition.
Property: MHP
Location: Florida
LTV: 70%
Loan Amount: $1,860,000 with additional loan of $588,000 for expansion
Interest Rate: 8.42%
Term: 5 years
Amortization: 30 years
Prepayment: 3,2,1,1
Guarantee: Recourse