Transaction Description
The Madison Group, a commercial broker and loan consultant, has facilitated and closed the refinance of $550,000 RV Park located in Lafayette, Oregon.
Challenges
Our client had damaged credit after the economic downturn, but held this income producing property on a seller note that was due immediately. The property was also located in a smaller town outside of Portland, Oregon and it was difficult to find a lender who wanted to do a loan for an RV park in a small town.
Timing was also a key element to this transaction as we had less than 30 days to pay off the seller that was not willing to extend the contract, not even by one day.
Solutions
The Madison Group was able find a private money lender who was able to overcome the credit issues, location, and timing and provide an extremely fast close to meet the seller’s deadline. The private lender was also flexible with their terms to provide a long enough amortization to allow for the owner of the property to keep the same payment to allow for continued debt service of the property. The private lender also allowed for a zero prepayment penalty.
The financing was arranged by Joe Evans at The Madison Group.
The Madison Group is a commercial loan broker and consultant specializing in financing for investor properties nationwide. TMG provides flexible and reliable capital for real estate acquisitions, refinances, and re-capitalizations for a variety of property types including: multifamily, mobile home parks, credit tenant NNN net lease, office, retail, industrial, self-storage and other commercial properties in the United States. Established in 2001, The Madison Group’s intention is to provide highly competitive loan products through its superior capital market expertise and quality sources of capital. TMG works efficiently and effectively to get the transaction closed and funded.
The Madison Group and Joe Evans can be reached at 435-785-8350 or by emailing Joe at joe@madisongroupfunding.com.