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The Madison Group arranges a $1,800,000 to purchase a mobile home park in Michigan

Tags: Mobile Home Parks, Mobile Home Park Financing, Mobile Home Park Lending, Mobile Home Park Loan, Mobile Home Community Loan, Mobile Home Community Financing, Mobile Home Park Refinance, Mobile Home Community Refinance, Financing for Mobile Home Park, Loan for Mobile Home Park, MHP Financing, MHC Financing, RV Park Financing, RV Park Lender, RV Park Loan, RV Park Mortgage, Manufactured Housing Community Financing, mobile home park bridge loan, bridge loan for mobile home park, MHC Bridge Loan
Tuesday, Mar 12, 2024
by Brandi Link

The Madison Group (TMG), a leading national lending source of mobile home park financing, arranged a $1,800,000 acquisition bridge loan to purchase a 391-pad distressed mobile home park in Michigan.  

The borrower’s goals were to obtain an acquisition loan to purchase a mobile home park that was in a distressed and mismanaged condition with low occupancy. Despite the mismanagement, this park had significant upside. The sponsors have approximately $1MM in immediate improvements and plan on creating a better lifestyle for the current and future tenants.

The sponsors contacted TMG and needed to close quickly. TMG worked with a lender that was able to provide a bridge loan in a timely manner. Although there were some hurtles, the loan was closed, and the client was happy with the loan terms they received. Once the park improvements are completed, the park will be a great mobile home park to live in. TMG looks forward to working with the Client to refinance the park in the next 24 months.

 

Property:  MHP

Location: Michigan  

LTV: 45%

Loan Amount: $1,800,000

Term:  2-year + 1 year extension

Rate: 10.5%

Prepayment Penalty: None



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