August 27, 2008
ROCHESTER, N.Y. - August 27, 2008
Security Mortgage Group, a national award-winning Manufactured Housing Community broker, continues to assist many park owners across the nation, providing over $17,000,000 in mortgage financing for four MH Communities in the first half of August.
Tower Terrace, a 166-homesite Manufactured Housing Community in Hiawatha, Iowa, and Eastgate, a 368-homesite Mobile Home Park in Waterloo, Iowa obtained a combined total of $4,100,000 in financing on August 7, 2008. The loan was arranged with a 30 year amortization, along with a two year interest-only feature.
White Creek Estates of Haltom City, Texas refinanced its 367 sites on August 18, 2008 for $9,007,000. The financing was structured with a 10 year term and a 30 year amortization schedule.
White Birch Estates obtained $4,667,000 in refinancing in mid August. This 227-site Manufactured Housing Community is located in Fort Edward, New York. This loan was structured with a 10 year term and a 30 year amortization, along with a three year interest-only feature.
Security Mortgage Group tailored an individual, affordable and timesaving financial package to each of their three repeat clients to secure a total of $17,774,000 in financing for a combined total of 1,128 sites throughout the country. About Security Mortgage Group
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.