March 3, 2011
ROCHESTER, N.Y. (March 3, 2011)
Security Mortgage Group is proud to announce the closings of five new loans in February and March of 2011. The communities that obtained the financing are located in Colorado, Texas, Virginia, North Carolina, Ohio, South Dakota, Oklahoma, Missouri, Maryland, and Georgia. All five loans have a 10 year term.
One Crescent Place Manufactured Housing Community of San Antonio, Texas closed on $9,250,000 in refinancing on February 28, 2011 for its 319 home sites. The loan was structured with a 10 year term and a 30 year amortization.
On March 1, Indian Creek MH Community acquired refinancing of $4,000,000 for its 288-home sites located in Locust Grove, GA. The loan was closed within 45 days of application for a returning client.
In Pueblo, Colorado, a portfolio of two communities obtained refinancing of $7,250,000 on February 25, 2011. Oasis MH Park has 61 home sites and Sunset Country MH Park has 202. The loan closed in 53 days with a 10 year term and a 30 year amortization schedule.
A three-property portfolio in South Dakota and Ohio closed on $7,725,000 in refinancing on February 18. The loan was structured with a 10 year term and a 30 year amortization.
Also on February 18, a 14-park portfolio with 2,211 home sites acquired $29,125,000 in refinancing. This portfolio included manufactured housing communities in TX, VA, NC, OK, MO, and MD.
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.