ROCHESTER, N.Y. (October 6, 2011)
Security Mortgage Group is pleased to announce the closing of three new loans for income property in Texas and Florida. Several of these communities obtained financing at historically low interest rates.
Wheel Estates MH Community of Grapevine, Texas acquired $3,250,000 in permanent mortgage financing on October 6, 2011. This 110 home-site community's loan was structured with a 10 year term, a 30 year amortization schedule and an interest rate of 6.25%.
On September 29, Hobe Village MH Community secured $2,800,000 in acquisition financing with a 30 year amortization. This loan was locked in at 6.07% fixed for 10 years. Hobe Village has 125 home sites and is located in Hobe Sound, Florida.
Town and Country MH Park obtained a small loan refinance of $500,000 on September 16, 2011. This community, in Lubbock, Texas, has 120 home sites.
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, 2006 and 2009 from the Manufactured Housing Institute.