December 1, 2006
ROCHESTER, N.Y. - December 1, 2006
Security Mortgage Group, a 3-time national award winning Manufactured Home Community lending broker, is pleased to announce the mortgage closings for several properties.
Wilderness Park, located in Warren, PA recently closed on $1,212,000 in acquisition financing at 80% loan-to-value on its 88 sites.
Additionally, Security Mortgage obtained financing totaling $3,800,000 for an RV resort in Michigan and $3,510,000 in financing for an RV park in New York. Two campgrounds in Maine also acquired financing totaling $2,670,000 and 2,340,000 respectively. The capital secured for these unrelated properties between October 17 and November 27, 2006 totaled $17,700,000.
Through our small loan program, Bostwick Valley Manufactured Home Community secured $700,000 in refinancing on the 80-site property located in Onalaska, WI at the end of November 2006. The loan featured a 10-year term and a 30-year amortization schedule; lender costs capped at $5,500; and a 60-day advance rate lock.
In Toledo, Ohio, a portfolio of four manufactured housing communities secured $7,636,000 in acquisition financing. The mezzanine loan, structured to be interest-only for the first three years, was obtained for a returning client at 92% loan-to-cost.
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, and 2006 from the Manufactured Housing Institute.