December 1, 2020
ROCHESTER, N.Y. – Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have provided financing of over $24,080,000 for several Manufactured Home Communities, in October and November of 2020.
Managing Director, Gerard D. DiMarco, Jr., helped negotiate refinancing terms for several clients’ Manufactured Home Communities. The non-recourse agency loans featured long term fixed rates and 30 year amortizations. The mortgages included:
- $4,326,000 for a 130-site Mooresville, IN MHC featuring 5 years of interest-only.
- $4,207,000 for a 233-site MHC & RV Park in Harlingen, TX featuring 5 years of interest-only.
- $3,080,000 for a 145-site community located in the Finger Lakes of NY, featuring 3 years of interest-only.
Additionally, Gerry helped secure a $1,920,000 acquisition loan for a repeat client’s 108-site community located in Tucson, AZ. The loan featured a 30 year amortization with flexible prepayment terms.
Finally, Gerry secured acquisition debt on a repeat client’s Rochester, NY 110 homesite MHC. The $3,262,000 loan featured a long-term fixed rate of 3.29%.
Anthony J. DiMarco, the other Managing Director, secured acquisition financing for a repeat client’s two Mobile Home Communities with 107 total sites in Albany, NY. The non-recourse $3,187,000 loan featured a long-term fixed rate.
Vice President, Pierce Redmond, secured refinancing debt of $2,135,000 for a repeat client’s 102 homesite Mobile Home Park in Burton, MI. The loan featured flexible prepayment terms.
In addition, Pierce helped secure refinancing for a repeat client’s 52-site Mobile Home Park in Ocala, FL with a non-recourse, long term fixed rate loan of $1,170,000.
Finally, Pierce also negotiated the refinance of a 24-site Porterville, CA park with a $800,000 fixed-rate loan.
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.
2370 Monroe Avenue
Rochester, NY 14618