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.
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