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The Madison Group arranges a $7,900,000 loan to refinance two mobile home parks in GA.

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, Manufactured Housing Community Loans.
Tuesday, Jun 25, 2024
by Kyle Losch

The Madison Group (TMG), a leading national lending source of mobile home park financing, arranged a $7.9 million permanent loan to refinance two mobile home parks in Georgia.

The borrower’s goals were to obtain a permanent loan on both parks with some interest only and no prepayment penalty. The parks consisted of mostly park owned homes, so TMG had to find a lender that was comfortable with a majority park owned home mobile home park. TMG was able to work with a lender that was able to meet the borrower’s investment strategy by providing them with 3 years of interest only payments, a 30-year amortization, and no prepayment penalty. The loan was underwritten with lot rents only.

 

Property:  Two MHP’s

Location: Georgia

Rate: 6.50%

LTC: 55%

Loan Amount: 7,900,000

Term: 10 years

Prepayment Penalty: None

Amortization: 30 years



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