The Madison Group (TMG), a premier
national brokerage specializing RV Park financing arranged the $2,000,000
refinance of a 85 pad long term RV park near Lake Okeechobee, FL. The transaction marks a pivotal
milestone for the borrower, concluding a five-year effort to bring the property
from early-stage operations to a fully stabilized, cash-flowing asset.
When
the borrower first acquired the RV park, traditional lending options were
limited due to the property’s lack of operating history, how the park was
acquired, and the need for significant
operational improvements. Over the course of several years, the owner secured
short-term capital solutions while working relentlessly to improve occupancy,
strengthen financial performance, and establish long-term viability.
TMG worked
closely with the managing member of the properties to navigate a tough lending
environment that included the COVID pandemic, rising interest rates, a tough
Florida insurance market, lender saturation with the asset class, and loan
maturities to ultimately find the perfect lender to undertake the project. Working together, we forged a loan that all
were thrilled to be part of.
Location: Florida
Property: Long Term RV Park
Loan Amount: $2,000,000
Interest
Rate: 7.00%
Term: 5 Years
Amortization: 30 Years
Prepayment: 3, 3, 2, 2, 1
LTV: 65%