The Madison Group (TMG), a leading source of mobile home park
financing nationwide, arranged a cash out refinance loan of $4,545,000 on a 215-pad
community in Arizona. A previous client approached TMG looking for a cash out
refinance that was maturing soon on his existing park comprised of mobile homes,
RVs, and park model homes.
TMG worked with a lender that was able to get comfortable with the
cash out proceeds needed and that was able to hold the 5.65% rate until
closing. The rate lock was crucial given rates increased about 40 basis points
throughout the loan process.
Property: MHP
Location: Arizona
LTV: 54%
Loan Amount: $4,545,000
Interest Rate: 5.65%
Term: 10 Year
Amortization: 25 Year
Prepayment: 3,2,1
Guarantee: Recourse
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The Madison Group (TMG), a leading national lending source
of commercial financing, arranged a $1,933,234 loan to refinance a car wash and
lube center in Houston, TX.
The borrower’s goals were to refinance their SBA 7a loan which
had adjusted to a very high interest rate and into a conventional financing
loan with a lower rate. The borrower was very pleased with their new loan
terms.
Property: Car Wash
Location: Houston, Texas
Loan Amount: $1,933,234
Interest Rate: 8.25%
Terms: 5 years
Amortization: 20 years
Prepayment: 3, 2, 1
Guarantee: Recourse
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The Madison Group (TMG), a leading national lending source of commercial
real estate financing, arranged a $1,873,430 loan for 585 acres in Texas. The clients
came to TMG requesting a high leverage land loan to purchase the land. The
client’s plan was to purchase the raw land and complete the permitting and
entitlement process for a mobile home park development.
TMG was able to work with a lender to provide a 70% loan to value
land loan which allowed the clients to put less money down than previous land
acquisitions they had completed.
Property: Land
Location: Texas
Loan Amount: $1,873,430
Loan to value: 70%
Interest Rate: 2
years fixed at 7.75%
Term: 2-year term
Amortization: 25-Years
Prepayment: No pre-payment penalty
Guarantee: Recourse
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The Madison Group (TMG), a leading national lending source
of hospitality financing, arranged a $1,650,000 loan to purchase an inn in
Oregon.
The borrower had unique financing goals and required a
non-recourse structure to close the transaction. The Madison Group sourced a regional bank to
finance the deal, worked closely with borrower and bank to close under tight
closing timelines.
Property: Hospitality
Location: Oregon
Loan Amount: $1,650,000
Interest Rate: 5 YR. TCM + 2.75%; 6.50% at Closing
Terms: 5 year maturity; 6 mos. I/O
LTC: 52%
Amortization: 25 years
Prepayment: 5, 4, 3,
2, 1
Guarantee: Non-Recourse
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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 of $1,875,000 on a 55-pad community in Florida. The borrower approached TMG looking for a cash out refinance on his existing 100% occupied MHP. His primary goal was to refinance his current debt and eliminate his yield maintenance pre-payment penalty with his current lender, which the current rate market allowed him to do. TMG worked with a credit union that could finance the MHP and provide a loan without a prepayment penalty. The credit union also locked the sponsor’s rate for 60 days, which was crucial given rates increased by about 0.50% from time of lock to close. The sponsor, lender, and TMG worked collectively to ensure the loan closed within the 60 day rate lock period. In the end, the sponsor was able to obtain a cash out refinance with a loan that has no prepayment penalty allowing him ultimate flexibility when rates lower. Property: MHP Location: Florida LTV: 67.7% Loan Amount: $1,875,000 Interest Rate: 6.375% Term: 10 Years Amortization: 30 Year Prepayment: None Guarantee: Recourse
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