The Madison Group (TMG), a leading national lending source of manufactured
housing community financing, arranged a $4,500,000 loan to construct a new 204
pad park in Georgia.
The borrower’s goals were to obtain a construction loan to rebuild
a park that was previously destroyed by a tornado. The brand-new manufactured
housing community will consist of 204 brand new homes. TMG worked with the
repeat client and lender to arrange a construction loan to meet the borrower’s
construction needs. The borrower has already infilled and rented 60 homes and
is infilling additional homes. The park is expected to be fully completed and
stabilized by the end of 2024.
Property: MHC
Location: Georgia
Rate: 8.09%
LTC: 70%
Loan Amount: 4,500,000
Construction Period: 24 months
Prepayment Penalty: None
Amortization: 15 years
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The Madison Group (TMG), a leading national lending source of mobile
home park financing, arranged a $7.9 million permanent loan to refinance two
mobile home parks in Georgia.
The borrower’s goals were to obtain a permanent loan on both parks
with some interest only and no prepayment penalty. The parks consisted of
mostly park owned homes, so TMG had to find a lender that was comfortable with
a majority park owned home mobile home park. TMG was able to work with a lender
that was able to meet the borrower’s investment strategy by providing them with
3 years of interest only payments, a 30-year amortization, and no prepayment
penalty. The loan was underwritten with lot rents only.
Property: Two MHP’s
Location: Georgia
Rate: 6.50%
LTC: 55%
Loan Amount: 7,900,000
Term: 10 years
Prepayment Penalty: None
Amortization: 30 years
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The Madison Group (TMG), a leading national lending source of
mobile home park financing nationwide, arranged a cash out refinance loan for
$1,250,000 on a Mobile Home Park in AZ. The park consisted of 25 pads and 7
park owned homes. The client reached out to TMG and was looking for a cash out
refinance with a lender that would not take the park owned homes as collateral.
TMG was able to work with a lender that would allow park owned
homes, but not take the homes as collateral. The lender was flexible with the
cash out proceeds, which were disbursed at closing with no restrictions. The
client was very happy and is looking for their next purchase.
Property: MHP
Location: Arizona
LTV: 69%
Loan Amount: $1,250,000
Interest Rate: 8.78%
Term: 5 years
Amortization: 30 years
Prepayment: 3,2,2,1,1
Guarantee: Recourse
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The Madison Group (TMG), a leading national source of financing
for office buildings, arranged a $2,900,000 loan to refinance an office
building in California. Looking to refinance their current life company loan before
the maturity date, the client reached out to TMG and asked for loan options.
The client was particularly looking for a loan with a few years of interest
only payments, a 30-year amortization, and the ability to prepay the loan
without penalty.
TMG worked with several lenders to provide a variety of
quotes to the client. One lender, really went above and beyond with their
terms, checking off all the client’s boxes: refinance loan, 3 years I/O,
30-year amortization, and no prepayment penalty. The client was very happy and
now has the ability to pay off his property whenever he wants.
Property: NNN Office
Location: California
Loan Amount: $2,900,000
Interest Rate: 6.5%
Term: 10 years
Interest Only: 3 years
Amortization: 30 years
Prepayment: None
Guarantee: Full Recourse
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The Madison Group (TMG), a leading national lending source of mobile
home park financing, arranged a $3,750,000 loan to refinance an established 116-pad
mobile home park in Texas.
The borrower’s goal was to obtain a loan that would refinance the
park’s existing debt, all existing financing on the park owned homes, and to
take cash out to finance other commercial real estate opportunities.
TMG was able to work with a lender that was able to meet the
borrower’s financial goals. The lender,
borrower, TMG, and title worked diligently together to close and fund the
transaction while the borrower was vacationing out of the country.
Property: Mobile Home
Park
Location: Texas
Loan Amount: $3,750,000
LTV: 53%
Interest Rate: 8.3%
Term: 5-years
Amortization: 30-years
Prepayment: Year 1 - 3%,
Year 2&3 - 2%, Year 4&5 - 1%
Guarantee: Full
Recourse
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