The Madison Group (TMG), a leading source of mobile home park financing nationwide, arranged the $2,450,000 purchase financing for a mobile home park located in Fort Collins, CO. The borrower’s goals were to purchase the property with maximum leverage with the best available rate. TMG secured the financing with a 7 year fixed rate of 4.625% and a 25 year amortization at 75% LTV.
The 4 borrowers on the transaction are located in Seattle, WA but have extensive experience with mobile home communities. They purchased this manufactured housing community with 63 pads (50 mobile home spaces, 11 RV spaces and 2 residential duplex spaces). The property is an older park developed in the 50s and 60s, but is well located and is typically 100% occupied.
The buyers came to TMG after pursuing a CMBS loan. They felt that the loan covenants were too restrictive on the securitized loan, and they wanted a more customized loan with some flexibility. They also had a very short closing deadline. TMG was able to utilize the third party reports from the previous lender and save the buyers thousands of dollars. The borrowers met their goals of a structured loan that had full proceeds, a long term fixed rate, and a much less onerous prepayment penalty. TMG negotiated and closed the loan within two weeks of getting the go ahead to proceed with the loan.
“The buyers came to us after a very dissatisfying experience with another lender. We put together a financing package that worked for them and closed within the two week contractual PSA deadline. The buyers were able to close on time, with an excellent loan that met their specific needs,” said Angela Kesselman, TMG’s Associate Director of Finance.
The financing was arranged by Angela Kesselman at The Madison Group.
The Madison Group (www.madisongroupfunding.com) is a commercial loan broker and consultant specializing in financing for investor properties nationwide. TMG provides flexible and reliable capital for real estate acquisitions, refinances, and re-capitalizations for a variety of property types including: multifamily, mobile home parks, credit tenant NNN net lease, office, retail, industrial, self-storage and other commercial properties in the United States. Established in 2001, The Madison Group’s intention is to provide highly competitive loan products through its superior capital market expertise and quality sources of capital. TMG works efficiently and effectively to get the transaction closed and funded.