ROCHESTER, N.Y. (May 27, 2014)
Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have provided $23,604,500 in financing for several properties nationwide in May 2014.
In early May, Managing Director, Anthony J. DiMarco, helped negotiate acquisition financing for a repeat client featuring a long-term fixed rate non-recourse loan of $2,500,000. Located in Summerville, South Carolina, the Summer Village Mobile Home Park has 129 sites.
Anthony also secured acquisition financing for a repeat client with a long-term fixed rate non-recourse loan of $2,080,000 that closed in under 50 days from the time of application. The 422 unit Breiel Blvd. Store N Lock is located in Middletown, Ohio. For the same repeat client, Anthony negotiated a long-term fixed rate loan of $8,300,000 on the Indian Oaks MH Community. The 430-site community in Sellersburg, IN has non-recourse terms and a 30 year amortization.
Separately, Anthony helped negotiate refinancing for another repeat client. The non-recourse loan of $2,962,000 featured a long-term fixed rate. With 272 sites, the Shadowwood Mobile Home Community is located in Champaigne, IL.
As a part of our small loan program in mid May, Vice President Pierce Redmond secured a $750,000 loan with a flexible prepayment penalty for a repeat client. The 98-site Tan Tara MH Community is located in Murphysboro, IL and features a high percentage of park owned homes that the lender was able to accommodate.
Finally, Gerard D. DiMarco, Jr., the other Managing Director, secured financing for a repeat client featuring a long-term fixed rate non-recourse loan of $7,012,500. Located in McKinney, Texas, Bramblewood Mobile Home Community has 200 sites.
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.