The Madison Group (TMG), a leading national lending source of
mobile home park financing nationwide, arranged a cash out refinance loan of
$600,000.
The borrowers purchased a distressed 17 pad mobile home park with
only three tenants and worked to rehabilitate it, adding fourteen affordable
housing units to the community. The Madison Group provided a cash out refinance
to payoff bridge debt and recover their investment once stabilized. The cash
out proceeds will be used to expand the client’s MHP portfolio.
Property: MHP
Location: Connecticut
Loan Amount: $600,000
Interest Rate: 9.48%
Term: 5 years
Amortization: 30 years
Prepayment: 5,4,3,2,1
Guarantee: Recourse