ROCHESTER, N.Y. - July 6, 2006
Security Mortgage Group is please to announce the closings of five small loans in June and the beginning of July 2006. These loans are very affordable, with lenders closing costs of only $5,500 for a MH community and $3,500 for an apartment building.
Stonegate MH Community in nearby Shreveport, LA received $2,300,000 in acquisition financing in July of 2006 for its 157 sites. This loan was structured with a 10-year term and a 30-year amortization schedule.
Asbury Manor Mobile Home Park in Meadville, PA closed on $1,178,625 in refinancing through Pierce Redmond during June of 2006. Lender costs for the 104-site park were capped at $5,500. In Mercer, PA, Pinegrove Mobile Home Park obtained $1,160,000 in refinancing for its 111 homesites. Both properties featured a 10 year term and a 30 year amortization schedule.
Homestead Village MH Community of Glens Falls, New York acquired $3,400,000 in permanent mortgage financing on June 30, 2006. The loan for this 160 homesite community was structured with a 10 year term and a 30 year amortization schedule.
Oak Tree Mobile Home Park recently refinanced for $4,300,000 with a 10 year term and a 30 year amortization schedule. The 258-homesite community is located in Jackson, New Jersey.
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.