The Madison Group (TMG), a leading source of manufactured home community financing nationwide, recently closed a loan on a $3,000,000 purchase of a senior living community in Utah. The borrower utilized a 1031 exchange to purchase this property making a timely closing essential. The finalized terms of this loan were 4.75% interest rate, 10 year term, and a 25 year amortization. The prepay penalty on the loan is flexible to allow the buyers to recapitalize or sell as they see fit to meet their financial goals.
Although the buyers own other investment properties, this was their first manufactured home community acquisition. The biggest challenge of this transaction was the seller’s lack of traditional profit and loss statements. The only documents the seller could provide were bank statements and rent rolls for the past few years. TMG worked with one of their trusted lenders who got comfortable with the documentation provided and could close in a short period of time. The transaction needed to fund on either the 15th or the 1st of the month.
TMG successfully coordinated each intricacy and processed the loan quickly and efficiently. The buyer was able to close on the 15th of the month, two weeks early, alleviating the stress of a closing at the end of the 1031 time period. TMG’s dedicated attention to both the buyer and seller’s needs, and personal relationships with quality capital sources, allowed for a smooth transaction and a successful closing for both the buyer and the seller.
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.