The Madison Group (TMG), a leading national lending source of manufactured
housing community financing, arranged a $4,500,000 loan to construct a new 204
pad park in Georgia.
The borrower’s goals were to obtain a construction loan to rebuild
a park that was previously destroyed by a tornado. The brand-new manufactured
housing community will consist of 204 brand new homes. TMG worked with the
repeat client and lender to arrange a construction loan to meet the borrower’s
construction needs. The borrower has already infilled and rented 60 homes and
is infilling additional homes. The park is expected to be fully completed and
stabilized by the end of 2024.
Property: MHC
Location: Georgia
Rate: 8.09%
LTC: 70%
Loan Amount: 4,500,000
Construction Period: 24 months
Prepayment Penalty: None
Amortization: 15 years