May 2, 2020
SECURITY MORTGAGE GROUP
Income Property Specialists
FOR IMMEDIATE RELEASE
April 28, 2020
Contact: Gerard D. DiMarco, Jr.
SECURITY MORTGAGE GROUP Provides Financing for Several Manufactured Home Communities in January and February, 2020.
ROCHESTER, N.Y. – Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have financed over $40,951,000 for several Manufactured Home Communities in January and February of 2020.
Managing Director, Gerard D. DiMarco, Jr., helped negotiate the acquisition financing of a repeat client’s 460-site Fort Wayne, IN MHC. The $8,910,000 loan featured flexible prepayment terms.
Additionally, Gerry secured refinancing debt for several other repeat clients:
- A $7,501,000 long term, 15-year fixed rate loan with full term interest only for a client’s 208-site MHC located in Central Ohio.
- A $6,900,000 long term, fixed rate loan with 3 years interest only for a client’s Queensbury, NY MHC.
- A $830,000 long term, fixed rate loan for a client’s MHP in Pavilion, NY.
Anthony J. DiMarco, the other Managing Director, secured financing for a repeat client’s purchase of a 300-site MHC in North Muskegon, MI. The $12,375,000 non-recourse loan featured 5 years interest only and a long term fixed rate.
Vice President, Pierce Redmond, secured refinancing debt with a non-recourse, long term, fixed rate loan of $2,110,000 for a client’s 2 mobile home communities in Washington, PA.
In addition, through the small loan program, Pierce secured financing for a client’s purchase of an MHP in South Dakota with a loan of $1,155,000 and negotiated refinancing for a client’s Nebraska MHP with a loan of $1,170,000. Both loans 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.