ROCHESTER, N.Y. - August 8, 2007
Security Mortgage is pleased to announce the following mortgage closings, which have brought savings and reduced interest rate risk to clients across the nation.
Meridian Cherry MH Community secured $1,746,250 in refinancing on August 8, 2007. This community, located in Meridian, Idaho has 68 home sites. This small loan was formulated at 75% loan-to-value and incorporates a 10 year fixed rate with a 30-year amortization schedule. The borrower was able to lock rate back in April 2007, allowing him plenty of time to close the loan while retaining a favorable interest rate.
Lake Bryant MH and RV Park closed on refinancing of $1,750,000 on July 11, 2007. The Ocklawaha, Florida community has 116 home sites and 79 RV sites. On the RV side of the business, a large portion of the revenue came from existing and recently added seasonal clients. "By working hand in hand with the client we were able to breakdown the various revenue streams of this unique property type and help portray to our lenders the true value of the property." In order to better portray the consistency of income, the trailing 12 months of income and expenses were used during underwriting instead of the typical fiscal year end figures. This resulted in a mortgage amount that better reflected the recent increase in value due to completion of lease-up.
Airway MH Park of Oaklawn, Illinois secured $8,250,000 in permanent mortgage financing on June 8, 2007. The community has 275 home sites; the loan has a 10-year term and a 30-year amortization schedule.
Park East, a 122 site MH Community in Tulsa, Oklahoma, acquired $1,135,000 in refinancing through our small loan program on June 18, 2007.
Imperial and Clark's Run MH Parks acquired $3,000,000 in permanent mortgage financing. Although there were two properties involved in this loan for a returning client, there was only one mortgage, which resulted in lower total loan costs. The portfolio contains a total of 271 home sites; the properties are located in Lexington and Danville, Kentucky.
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, and 2006 from the Manufactured Housing Institute.