May 15, 2008
ROCHESTER, N.Y. - May 15, 2008
Security Mortgage Group is pleased to announce the mortgage fundings for two manufactured housing communities and an RV resort portfolio. The credit markets have not stabilized, and, although placing loans has become more difficult, Security Mortgage Group has closed nearly $60 million in loans for 12 properties in the first quarter of 2008.
Lyndon Lawns MH Community acquired $1,400,000 in permanent mortgage financing at the end of April 2008. This 85 homesite park is located in Hastings, New York.
Admiral's Walk MH Community of Atlantic Beach, Florida refinanced its 171 home sites in the middle of May 2008 for $5,023,000. This loan included 3 years of interest-only payments.
Finally, financing of $9,200,000 was obtained for an RV resort portfolio with properties in Maine and Virginia. A total of 467 RV sites were assisted with this loan.
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.