ROCHESTER, N.Y. (December 22, 2010)
Security Mortgage Group is proud to announce that mortgage financing was secured in 14 states and over 4000 manufactured housing home sites were financed in 2010 for new and returning clients.
Storage Stop of Albuquerque, New Mexico closed on a refinance of $1,300,000 on November 16, 2010 for its 342 unit facility.
A loan portfolio totaling $20,700,000 for five manufactured housing communities in the Midwest closed on November 30, 2010. This returning client acquired permanent mortgage financing with a 10 year term and a 30 year amortization schedule. A total of 1,045 home sites were served by this loan. The financing was arranged with a 5.68% interest rate.
Captain's Cove Manufactured Housing Community acquired $4,000,000 in permanent mortgage financing on December 14, 2010. The community, situated in Murrell's Inlet, SC, has 225 home sites. This refinance was structured at 6.11% with a 10 year term and a 30 year amortization schedule.
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, 2006, and 2009 from the Manufactured Housing Institute.