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Arranged a $2,875,000 loan to refi and fund improvements for 2MHPs for a 501c3 Non-profit organization in OK

Tags: MHC Financing, MHP Financing, MHC Loans, MHP Loans, Mobile Home Park Loans, Mobile Home Park Financing, Mobile Home Park Lender, Commercial Loans, Commercial Real Estate Loans, Multi-family Loans, Multi-family Financing, refinance loan, cash out refi, cash out refinance, nationwide financing
Tuesday, Aug 02, 2022
by Paul Kuster

The Madison Group (TMG), a leading national lending source of MHP/MHC financing, arranged the $2,875,000 refinance for two mobile home parks consisting of 121 units and 55 units. The final terms were a 15-year fixed term with a 30-year amortization and an interest rate of 6.875%.

The non-profit organization located in Oklahoma City, OK, operates an after-prison care ministry for people recently released from prisons in Oklahoma. The ministry provides the individuals counseling, housing, and finds them employment. The released prisoners would be most likely be homeless if this after-prison care ministry did not exist.

The 501c3 non-profit organization goals were to refinance two existing private loans that were maturing, lower the monthly payments to improve cash flow, and obtain funding for improvements to add additional living units.

TMG was able to help the non-profit organization meet its goals by obtaining a single loan that was collateralized by both mobile home parks, decreasing monthly payments by $5,000 per month, and providing $400,000 in funding for improvements.

Location: Oklahoma

Property: Two mobile home parks consisting of a total of 176 units

Loan Amount: $2,875,000

Interest Rate: 6.875%

Term: 15 Years

Amortization: 30 Years

Prepayment: 5,4,3,2,1

LTV: 60%

Recourse: Non-recourse

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The Madison Group arranged a $2,225,000 bridge loan to refinance and cash out of an existing RV park in Pennsylvania

Tags: RV Park Financing, MHC Loans, MHP Loans, Mobile Home Park Loans, Mobile Home Park Financing, Commercial Loans, Cash Out Loans, Interest Only Loans, Commercial Real Estate Loans, Multi-family Loans, Multi-family Financing, Bridge Financing
Thursday, Jul 28, 2022
by Kyle Losch

The Madison Group (TMG), a leading national lending source for RV Park financing, arranged a $2,225,000 loan to refinance and cash out of an existing RV Park in Pennsylvania. The client reached out to The Madison Group and needed a bridge loan immediately. The Madison Group quickly reached out to private RV park bridge lenders and found a bridge lender that could accommodate the client’s needs. Through diligent efforts by the lender, client, attorneys, and The Madison Group, the client received a bridge loan prior to the maturity of the existing loan.

Location: Pennsylvania

Property: 238 pad RV Park

Loan Amount: $2,225,000

Interest Rate: 12%

Term: 3 years of I/O

Prepayment: None after 6 months

LTV: 50%

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The Madison Group arranged the $3,640,000 combined purchase financing for two Pep Boys Auto Stores located in North and South Carolina

Tags: Retail Financing, NNN Financing, Commercial Financing, Nationwide Financing, Purchase Financing
Monday, Jul 25, 2022
by Jared Shupe

This transaction turned out to be very unique from inception to close. The borrower resides in California and needed a qualified national lender that could help him finance the properties located in the Carolinas. The Madison Group quickly located a lender that quoted the deal. The most challenging part of the deal was the rapidly rising interest rates during a lengthy and delayed due diligence phase. The borrower needed a lender to honor quoted rates to meet his investment goals given the agreed upon purchase price for the assets and a rapidly changing market. The Madison Group worked diligently with borrower, seller, lender, respective attorneys, title, and brokers to meet the goals of the borrower and close what will prove to be a very competitive loan in today’s rate environment.

Location: Ft. Mill,. South Carolina & Raleigh, North Carolina

Property: NNN

Loan Amount: $3,640,000

Interest Rate: 3.99%

Term: 10 Years

Amortization: 30 Years

Prepayment: None

LTV: 70%

The Madison Group Market Commentary July 2022

Tags: Commercial Lending, Commercial Real Estate, Commercial Mortgage Brokerage, MHP financing, Multi-family financing, Multi-family lender, MHP lender, Bridge financing, Banks, Credit Unions, Commercial Real Estate Financing, Interest Rates
Thursday, Jul 21, 2022
by Kyle
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The Madison Group arranges a $1,721,475 loan to refinance multi-family condo units in Utah.

Tags: Multifamily, Multifamily Financing, Multifamily Loans, Multifamily Refinance, Commercial Loans, CRE Financing, Commercial Real Estate Loans, no prepayment penalty, Cash Out, Cash Out Refi, Cash Out Refinance
Tuesday, Jul 19, 2022
by Brandi Link

The Madison Group (TMG), a leading national source for multi-family financing, arranged a $1,721,475 loan to refinance condo units ran like an Air BNB in Utah.

The borrower’s goals were to refinance with minimal cash out. They also wanted an option that was flexible to pay off early.

TMG worked hard to find the right lender that met the borrower expectations and was able to understand the condo and HOA structure. The closing of the loan was truly a team effort and required a lot of attention to detail. The property had a tenant-controlled HOA which was outside a lot of lenders guidelines. In the end the borrower was very satisfied with the interest rate along with the overall terms they received.

Location: Utah

Property: Multi-family – 6 Condo Units

Loan Amount: $1,721,475

Interest Rate: 4.5%

Term: 15 year - Adjusts in 5 years

Amortization: 30 Years

Prepayment: None

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