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