ROCHESTER, N.Y. - December 31, 2008
Despite the current economic downturn and the extreme difficulty of placing loans in today's turbulent credit markets, Security Mortgage Group has continued to deliver quality results to their clients throughout the year. Security Mortgage is proud to announce mortgage financing of over $125 million on 32 properties throughout the nation during the year 2008.
To start the year off, Belaire Mobile Home Park of Browns Mills, New Jersey refinanced its 270 sites on January 30, 2008 for $800,000. The financing was structured with a 10 year term and a 30 year amortization schedule. The borrower was able to advance lock rate at application for a 0% fee.
Financing was secured in February of 2008 for the acquisition of Indiana Beach Amusement Park in Monticello, Indiana. This package included financing for the amusement and water park and also for Indiana Beach Camp Resort, Yogi Bear's Jellystone, several hotels and cottage resorts, and numerous restaurants and retail stores. This complex mortgage required a mere 25 days from application to closing. There were approximately 1,000 camp sites served by this loan package.
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.
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. The assumable, non-recourse mortgage financing includes 12 months of interest-only payments.
Three properties acquired financing by Security Mortgage at the end of April. The 85-homesite Lyndon Lawns MH Community, located in Hastings, New York, acquired $1,400,000 in permanent mortgage financing. Financing of $9,200,000 was obtained for an RV resort portfolio with properties in Maine and Virginia. A total of 467 RV sites were assisted with this particular loan.
Admiral's Walk, a 171-homesite Manufactured Housing Community in Atlantic Beach, Florida, obtained $5,023,000 in refinancing in May of 2008. The loan was arranged with a 10 year term and a 30 year amortization, along with a three year interest-only feature for a returning client.
In the month of August Security Mortgage Group provided financing for two repeat clients. 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. The loan was arranged with a 30 year amortization, along with a two year interest-only feature. In addition, White Creek Estates of Haltom City, Texas refinanced its 367 sites 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.
An RV park portfolio consisting of four parks obtained $24,850,000 in refinance and acquisition funding on August 29, 2008. This non-recourse loan package assisted 1,125 sites located in Florida and Massachusetts. The loan was arranged with a 30 year amortization schedule and an interest-only option for the first 24 months.
Northern Pines Manufactured Housing Community in Ballston Spa, New York refinanced its 252 sites on September 10. This $5,520,000 loan for a repeat client closed in just 42 days with a 2 year interest-only feature.
October proved to be another big month for Security Mortgage Group with $4,706,000 in funding for two manufactured housing communities and one RV resort; Crystal Springs Mobile Home Park of Sumner, Washington procured $1,200,000 in permanent mortgage financing for its 43 homesites. This small loan was comprised of a 30 year term, capped lender fees and a 60 day advanced rate lock feature. Financing of $2,074,000 was secured for the acquisition of Lakeside Village, a 74-homesite Manufactured Housing Community in Highland Mills, New York. The owners of Prospectors RV Resort refinanced their 116 sites and 5 apartment units, including a heated pool, laundry facility, clubhouse, and other amenities for $1,432,000.
Security Mortgage Group, who also provides financing for all types of income producing commercial properties, secured over an additional $27,900,000 in financing for multifamilies and retail centers throughout the nation. Five apartment complexes, containing a total of 288 units, located in North Carolina, New York, Ohio and Texas received a total of $20,186,000 in long-term financing throughout the year. Some of these loans included attractive features, such as capped lender's fees at $3,000, 60 day advanced rate locks and loan-to-values as high as 80%. In addition, Security Mortgage provided four commercial retail and office properties with $7,715,000 to refinance a total of 143,753 square feet. These properties were located in Victor, New York and Wilmington, Ohio.
Security Mortgage Group is the premier national lending source for Manufactured Housing Communities, RV Parks, Storage Facilities, Multi Family and all other income producing property types.