ROCHESTER, N.Y. (January 15, 2013)
Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have recently provided $28,700,000 in financing for several properties nationwide in November and December 2012.
Gerard D. DiMarco, Managing Director, recently provided re-financing for a 108 site New York State MHC with a $2,925,000 non-recourse loan. The loan featured a long-term fixed rate and a 30-year amortization. In addition, Gerry also secured refinancing of a New York State Apartment Portfolio totaling 474 units for a repeat client. With apartment complexes in Binghamton and Corning, New York, the non-recourse $14,085,000 and 1,985,000 loans featured long-term fixed rates under 3.9%.
Anthony DiMarco, also a managing director, secured refinancing for a 518 site New York State and Ohio MHC portfolio. A non-recourse loan of $7,800,000 was secured with a very competitive long-term fixed rate for a repeat client.
Pierce Redmond helped negotiate the financing for two Mobile Home Parks in Hollister, MO with loans of $1,275,000 and $600,000 with 173 sites. The parks had a percentage of park owned homes that the lender was willing to use as collateral. The lender also allowed a second mortgage provided by the seller to facilitate the sale of the properties.
Security Mortgage Group is a premier national lending source for Manufactured Home Communities, and received the "Manufactured Home Community Lending Broker of the Year" award in 2004, 2005, 2006, & 2009 from the Manufactured Housing Institute. Call us at 585-423-0230 anytime for specific questions on financing for your community.