The Madison Group (TMG), a leading national lending source of RV
Park and campground financing, arranged a $5,620,000 loan to refinance an RV
Park in Texas and fund a 63-pad expansion. The RV Park consisted of 65-pads and
was currently undergoing an expansion of an additional 63 pads, along with
adding a second laundry facility. The borrower’s goals were to refinance the
existing bridge loan, fund the remaining expansion, and pay off some ancillary
debt.
TMG was able to work with a lender that was able to provide
financing despite the 63-pad expansion already being underway. The lender,
borrower, and TMG worked together to ensure a smooth and quick closing so the
borrower could continue his expansion process.
Property: RV Park
Location: Texas
LTV As Complete: 70%
Loan Amount: $5,620,000
Interest Rate: 8.75%
Term: 3 years – Interest only
Amortization: 25 years if one year extension is exercised
Prepayment: 3% if paid during year 1 and 1% if repaid during
months 13-21
Guarantee: Recourse