The Madison Group (TMG), a leading source of Mobile Home Park financing nationwide, arranged the $5,600,000 cash out refinance for a two mobile home park portfolio in Oregon. The properties had a combined total of 108 pads. The borrower was most interested in maximum cash out and a long term fixed rate. The finalized terms of this loan were a 4.98% interest rate, 15 year fixed term, and a 30 year amortization. The loan is nonrecourse.
The parks had no park owned homes and consist primarily of double wide homes. The occupancy level is very high at over 90%. The borrowers have owned the parks for over 10 years and are long-time investors in real estate. The borrower was committed to getting a long term fixed loan that will provide future stability for payments and estate planning.
The borrower utilized the two quality parks to get cash out from the loan to pay off another smaller park and also captured equity for other business purposes. TMG worked with the owners to get maximize proceeds and structure the loan for long term benefit of the estate.
“The borrowers could not get their bank to go to 30 year amortization and a fixed loan term of 15 years,” said Jeff Meierhofer, TMG’s Director of Finance. ” We were able to provide a 15 year fixed loan in combination with a large sum of cash which worked to the borrowers benefit.”
The financing was arranged by Jeff Meierhofer 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 and Jeff can be reached at 435-785-8350 or by emailing Jeff at Jeff.M@madisongroupfunding.com.