The Madison Group (TMG), a leading national lending source of manufactured
housing community financing, arranged a $2,450,000 cash out refinance loan to purchase
loan another mobile home park in North Carolina.
The borrower’s goals were to use his existing equity in a mobile
home park that he owned, and purchase another mobile home park without bringing
cash to closing. The Madison Group was able to work with a lender that could
use the borrower’s existing equity for the purchase and in addition provide him
some cash out for improvements. The borrower, lender, and TMG was able to work
closely together to make this transaction a smooth process.
Property: Two mobile
home parks
Location: North Carolina
Rate: 8.43%
LTV: 75%
Loan Amount: 2,450,000
Term: 5 years
Prepayment Penalty: None
Amortization: 30 years