ROCHESTER, N.Y. – Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have financed over $40,281,000 for several Manufactured Home Communities, an RV Park and an Apartment Complex in August and September 2019.
Managing Director, Gerard D. DiMarco, Jr., secured financing for a repeat client’s 247-site San Angelo, TX MHC with a full-term interest-only $4,500,000 loan. Even with the occupancy under 60%, Gerry was able to negotiate the non-recourse debt.
Anthony J. DiMarco, the other Managing Director, secured a $7,056,000 acquisition loan featuring a 3.7% long-term fixed rate with 5 years of interest-only payments for a repeat client. The community, featuring 186 homesites, was in Northern Illinois.
Anthony also negotiated acquisition financing for a repeat client’s Class A Apartment Complex in the Houston, TX market. The $24,000,000 non-recourse loan featured full term interest-only payments with an 80% LTV.
Vice President, Pierce Redmond, helped secure financing for a client’s mobile home park acquisition in Plattsburg, NY. The $3,150,000 loan included a long-term fixed rate and 3 years of interest-only payments.
In addition, Pierce negotiated acquisition financing for a client’s RV Park in Twain Harte, CA. The $1,575,000 loan featured a step down prepayment penalty with capped closing costs.
Security Mortgage Group is a premier national lending source for Manufactured Home Communities, and is a four-time recipient of the “Manufactured Home Community Lending Broker of the Year” award given by the Manufactured Housing Institute. Call us at 585-423-0230 anytime for specific questions on financing for your community.