September 10, 2006
ROCHESTER, N.Y. - September 10, 2006
Security Mortgage Group, a three time national award-winning MHCommunity lending broker, is pleased to announce the mortgage closings for several properties.
Magnolia MH Community & RV Park recently acquired refinancing totaling $1,800,000 with a 10 year term and a 30 year amortization. The Donna, TX community's 260 sites are a blend of manufactured housing and RV spaces. In nearby Grapevine, TX, Shady Oaks MH Park secured $1,650,000 in refinancing for its 75 sites.
Quail Ridge MH Community of Lake Charles, LA refinanced its 373 sites for $5,500,000 on September 7, 2006.
Holiday Park Communities recently secured $28,110,000 in financing through Anthony J. DiMarco. The 5-property portfolio included over 1200 sites in four cities in Ohio and Kentucky. The financing, structured at 90% loan to value, had a debt service coverage ratio (DSCR) of 1.05.
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.