March 31, 2008
ROCHESTER, N.Y. - March 31, 2008
Security Mortgage Group is pleased to announce mortgage funding for one apartment facility and three manufactured housing communities in Ohio, Kentucky, Iowa, and Texas. The properties contained a combined total of 893 sites and most of the loans contained an interest-only element. All four loans were completed despite turmoil in the market.
Whispering Oaks, a 374-homesite Manufactured Housing Community in Louisville, Kentucky, acquired $6,520,000 in acquisition financing. Security Mortgage arranged both the sale of the property and the mortgage financing. The loan has a 10 year term and a 30 year amortization; it also includes 3 years of interest-only payments.
Highland House Manor Apartments, located in Painesville, Ohio, obtained financing of $960,000 on March 14, 2008. The acquisition of this 36 unit facility was financed at 80% loan-to-value for a repeat client. The lender's fee to cover the appraisal and other closing costs totaled only $4,550. The loan was closed 53 days after the application was submitted.
Country Terrace Mobile Home Park secured $3,543,000 in acquisition financing on March 31, 2008. Country Terrace, of Cedar Falls, Iowa, has 332 home sites on 47 acres. This non-recourse, assumable loan for a returning client was structured with a 10 year term and a 30 year amortization schedule, and was arranged at 82.4% loan-to-cost. The loan closed within 22 days of application; it allowed for 3 years of interest-only payments. Second, third, and fourth mortgages are permitted.
The Trails of Oak Hill Manufactured Housing Community of Austin, Texas procured $3,700,000 in permanent mortgage financing for its 151 homesites. The replacement reserve escrow for this loan was waived, and the financing includes 12 months of interest-only payments. The assumable, non-recourse mortgage was locked in at 5.30% fixed.
Security Mortgage Group is the premier national lending source for Manufactured Home Communities, having received the "Manufactured Home Community Lending Broker of the Year" award in 2004, 2005, and 2006 from the Manufactured Housing Institute.