ROCHESTER, N.Y. - August 9, 2007
Security Mortgage Group is pleased to announce the mortgage closings for RV parks on both coasts. SMG has arranged financing for campgrounds in 14 states including New York, Florida, Texas, Wisconsin, Maine, and California in 2006 and 2007.
Lake Bryant MH and RV Park closed on refinancing of $1,750,000 on July 11, 2007. The Ocklawaha, Florida community has 116 home sites and 79 RV sites. On the RV side of the business, a large portion of the revenue came from existing and recently added seasonal clients. "By working hand in hand with the client we were able to breakdown the various revenue streams of this unique property type and help portray to our lenders the true value of the property." In order to better portray the consistency of income, the trailing 12 months of income and expenses were used during underwriting instead of the typical fiscal year end figures. This resulted in a mortgage amount that better reflected the recent increase in value due to completion of lease-up.
An undisclosed MH & RV Park in Florida also received financing of $9,500,000 on July 2, 2007. Additionally, an undisclosed Florida RV resort obtained acquisition financing totaling $5,490,000.
Wine Country RV Resort of Paso Robles, California closed on $5,000,000 in refinancing on April 30, 2007. The 166-site resort's financing was structured with a 10 year term and a 30 year amortization schedule.
Across the nation in West Ossipee, New Hampshire, the 265-site Westward Shores Camping & Marina secured $7,000,000 in refinancing. Also in New England, an undisclosed RV campground resort obtained $5,000,000 in acquisition financing.
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.