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The Madison Group closes a $3.375M loan on a Mobile Home Community in South Carolina

Tags: non-recourse loan, 10 year fixed, 30 year amortization, mobile home community, South Carolina
Monday, Feb 29, 2016
by Barb
The Madison Group (TMG), the leading source of mobile home community financing nationwide, recently closed a $3.375M purchase of a 133 pad Mobile Home Community in Summerville, SC. The borrower has been investing in commercial properties for 28 years, however, this was his first mobile home community purchase. He was referred to TMG by another loyal client. 

The details of this loan were as follows:
  • Non-recourse loan
  • Terms were 5.35% interest rate, 10 year fixed term, 30 year amortization 
This transaction didn’t come without its challenges. US Treasury spreads significantly widened from the time we entered the contract to closing. Despite this increase, we were able to successfully close on-time. In addition, a piece of land within the park was being sold to the state, the borrower was executing with a 1031 exchange, and the seller had a defeasance prepay. This created timing challenges which required us to coordinate deadlines with several parties. 

Despite the inherent complications of the transaction, TMG staff worked closely with the buyer, seller, and lender to meet all required time frames and successfully closed on-time. This was a win-win for all parties. 

The financing was arranged by Angela Kesselman at The Madison Group. 

The Madison Group (www.madisongroupfunding.com) 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 can be reached at 435-785-8350 or by emailing Angela at angela@madisongroupfunding.com.