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