ROCHESTER, N.Y. (April 21, 2009)
Security Mortgage Group is proud to announce that mortgage financing totalling $13,350,000 was secured for three clients and around 750 home sites were served. As lenders have started to come back online, excellent financing terms are once again becoming available for our customers.
Walcott Manufactured Home Park, a 187 home site community in Walcott, Iowa, secured $1,500,000 in permanent mortgage financing on March 4, 2009.
Kirkwood Estates closed on an acquisition loan on April 8, 2009. This community in Cedar Rapids, Iowa has 488 home sites and its new mortgage of $8,950,000 has a 10 year term and a 30 year amortization schedule.
Finally, The Club at Lac de Ville apartments in Rochester, New York acquired $2,900,000 in a refinance on its 74 units on April 21, 2009.
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.