The Madison Group (TMG), a leading national lending source of mobile
home park financing, arranged a $3,750,000 loan to refinance an established 116-pad
mobile home park in Texas.
The borrower’s goal was to obtain a loan that would refinance the
park’s existing debt, all existing financing on the park owned homes, and to
take cash out to finance other commercial real estate opportunities.
TMG was able to work with a lender that was able to meet the
borrower’s financial goals. The lender,
borrower, TMG, and title worked diligently together to close and fund the
transaction while the borrower was vacationing out of the country.
Property: Mobile Home
Park
Location: Texas
Loan Amount: $3,750,000
LTV: 53%
Interest Rate: 8.3%
Term: 5-years
Amortization: 30-years
Prepayment: Year 1 - 3%,
Year 2&3 - 2%, Year 4&5 - 1%
Guarantee: Full
Recourse