May 15, 2018
ROCHESTER, N.Y. (May 15, 2018)
ROCHESTER, N.Y. – Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have financed $33,000,000 for several manufactured home communities in April and May of 2018. The most recent closings include the following:
Managing Director, Gerard D. DiMarco, Jr., secured refinancing terms for a repeat client’s mobile home communities located near Buffalo, NY. The $5,500,000 loan featured a flexible prepayment penalty and future earn-out potential.
Anthony J. DiMarco, the other Managing Director, helped negotiate refinancing for a repeat client’s Pueblo, CO MH Portfolio. The $18,400,000 non-recourse loan featured 2 years interest-only and a long term fixed rate.
Anthony also secured financing for a repeat client’s 215-site Michigan MHC with a non-recourse loan of $7,200,000. The long term fixed rate loan featured 5 years of interest-only payments.
Vice President, Pierce Redmond helped negotiate financing for the 55-site Cherrydon MHC located in Titusville, FL. The non-recourse loan of $1,350,000 featured capped lender and legal closing costs.
In addition, Pierce, through the small loan program, secured refinancing for a client’s 61-site River Heights MHC in Plattsburgh, NY. The $550,000 loan featured flexible prepayment terms.
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.