The Madison Group closes a $3,300,000 Cash-Out Refinance on a Mobile Home Community in Utah

The Madison Group (TMG), a leading source of mobile home park financing nationwide, recently closed a $3,300,000 cash-out refinance on a Mobile Home Community in Utah. The borrowers have owned this property for 2 years and initially purchased it with a personal line of credit and small loan. The park’s value increased dramatically over the past two years and borrowers wanted cash-out to pay off existing debt associated with the property and invest in another project. The challenge on the loan was that most lenders would only make a loan to 75% of the cost basis of the loan. The borrower’s desire was to recapitalize and get cash out based on the current value of the property. The borrower’s had taken great care to rectify collection issues and increase rents to market conditions. The borrowers were able to get a loan based on the in place income and appraisal and get cash out well beyond their basis. The loan will allow the borrowers to purchase other properties. The borrower’s goals were met and the loan has a short pre pay of two years. The finalized terms of this loan were 4.6%, 10 year term, fixed with 5 year and a onetime adjustment in year 6. It is a 30 year amortization and 75% LTV. The loan is assumable which provides additional comfort for the borrowers. 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.