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The Madison Group arranges a $3,490,000 cash out refinance loan for a manufactured housing community in Georgia.

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.
Tuesday, Aug 20, 2024
by Kyle Losch

The Madison Group (TMG), a leading national lending source of manufactured housing community financing, arranged a $3,490,000 cash out refinance loan to refinance the existing senior note and payoff manufactured home debt.

The repeat client contacted TMG to obtain a cash out refinance with a lender that understood mobile home parks with mostly park owned homes. The park was newly renovated and consisted of mostly new mobile homes that were park owned homes. The borrower also wanted some interest only with a no prepayment penalty in the event rates fell in the future. The Madison Group was able to find a lender and work with them to customize a solution for the borrower.

 

Property:  MHC

Location: Georgia   

5yr fixed rate: 6.875%

Interest only: 3 years

Term: 10 years

LTV: 60%

Loan Amount: $3,490,000

Prepayment Penalty: None

Amortization: 30 years



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