The Madison Group (TMG), a leading national lending source of
mobile home park financing nationwide, arranged a loan for $1,578,000 to
purchase a Mobile Home Park in NC. The park consisted of 26 pads and 22 park
owned homes.
TMG was able to work with a lender that would allow park owned
homes and give the highest leverage that was allowed. TMG presented a loan
package that was very appealing to the lender to meet the needs and wants of
the client. TMG worked with the lender and was able to satisfy what the client
wanted, and in the end the client was very pleased with the loan terms they
received.
Property: MHP
Location: North Carolina
LTV: 75%
Loan Amount: $1,578,000
Interest Rate: 9.52%
Term: 5 years
Amortization: 30 years
Prepayment: 3,2,1
Guarantee: Recourse