ROCHESTER, N.Y. (February 15, 2016)
Security Mortgage Group, a national award-winning Mobile Home Park lending broker, is pleased to announce two new loans for returning clients in Kentucky and Michigan.
A Kentucky Manufactured Home Community obtained permanent mortgage financing of $1,995,000 for its 140 home sites in February 2016. The non-recourse loan has a 12-year fixed rate and a 30-year amortization schedule and it was obtained for a returning client.
A repeat client secured a loan of $910,000 for the acquisition of a 3-park portfolio containing Woodview Mobile Home Park, Pelham Mobile Home Park and Potters Mobile Home Park. The portfolio contained a total of 197 home sites in Michigan, and the loan allowed occupancy rates under 70%. The loan was structured at 65% loan-to-value with no pre-payment penalty and it also allowed the client to have a second mortgage.
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.