September 24, 2020
SECURITY MORTGAGE GROUP
Income Property Specialists
FOR IMMEDIATE RELEASE
September 22, 2020
Contact: Gerard D. DiMarco, Jr.
SECURITY MORTGAGE GROUP Provides Financing for Several Manufactured Home Communities in May, June and July, 2020 for over $108,000,000.
ROCHESTER, N.Y. – Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have financed over $108,900,000 for several Manufactured Home Communities nationwide in May, June and July of 2020.
Managing Directors, Anthony J. DiMarco and Gerard D. DiMarco, Jr., negotiated refinancing for several clients’ Mobile Home Communities nationwide. Anthony assisted a repeat client with a $63,568,000 loan for a 1,615 total site 8 Mobile Home Community portfolio in the Midwest. The loan featured a fixed rate of 2.97% with 8 years of Interest-only payments. Other closings included:
- A non-recourse $15,406,000 loan for a repeat client’s 335-site MHC in Texas.
- A $9,890,000 mortgage for a repeat borrower’s 139 site community in Arizona. The loan featured a long term fixed rate and 3 years of interest-only payments.
- A non-recourse $6,420,000 loan for a two park Midwest Mobile Home Community portfolio.
- Debt of $3,510,000 was arranged for a 91 site Texas Mobile Home Community.
Anthony also secured financing for a client’s purchase of a 210-site MHC in Michigan with a $8,637,000 loan. The terms were non-recourse with a rate under 2.90% fixed.
Vice President, Pierce Redmond, through the small loan program, secured refinancing debt for a client’s MHC in New York State. The $1,500,000 non-recourse loan featured a 12 year fixed rate.
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.