ROCHESTER, N.Y. - January 6, 2009
Despite the current economic downturn and the conservative nature of the financial markets, Security Mortgage Group has continued to assist and deliver quality results to their clients throughout the year. Security Mortgage is proud to announce mortgage financing of over $125 million for 32 properties during the year 2008. These loans consisted of over 6,000 manufactured housing sites and multifamily units in 14 different states.
In the last quarter of 2008, Security Mortgage Group obtained $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 attractive features, such as 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. Additionally, the owners of Prospectors RV Resort were able to refinance their 116 sites and 5 apartment units for $1,432,000.
Security Mortgage Group is also able to customize loan terms for each borrower's specific request. For example, on another recent closing, a borrower was able to cash out roughly $1,400,000 in equity to pursue other acquisitions and help diversify their portfolio. Based on the aggressive terms provided, the monthly mortgage payment will only be roughly $800/mo higher than his previous monthly payments once the 24 months of interest only payments expire.
With fixed and floating mortgage rates at historic lows, Security Mortgage Group is able to provide great opportunities and savings for its clients.
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.