December 15, 2010
ROCHESTER, N.Y. (December 15, 2010)
Security Mortgage Group is proud to announce that mortgage financing of over $60,000,000 was secured in 2010 for clients in 14 states and over 3800 home sites were served. As lenders have started to come back online, excellent financing terms are once again becoming available for our customers.
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.
Magnolia Manufactured Housing Community obtained $3,375,000 in acquisition financing on November 23, 2010. This 166-site community is located in Pearland, Texas.
Storage Stop of Albuquerque, New Mexico closed on a refinance of $1,300,000 on November 16, 2010 for its 342 unit facility.
On October 14, 2010, Marina Cove Manufactured Housing Community secured $4,000,000 in permanent mortgage financing at a 5.03% interest rate with a 10 year term and a 30 year amortization schedule. This Avon, Florida community has 214 home sites.
Harbison Canyon Estates of El Cajon, CA obtained $650,000 in permanent mortgage financing on October 7, 2010. This community has 50 home sites and 20 RV sites.
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.