March 20, 2007
ROCHESTER, N.Y. - March 20, 2007
Security Mortgage Group LLC is pleased to announce 37 community closings nationwide to date through its small loan programs. Besides making affordable financing available, our small loan program also caps lender's closing costs at $6,000; including lender's legal fees, rate lock, appraisal, inspection, processing fees, and credit reports. Our program delivers the best value for the price when considering rates, terms, and closing costs for loans from $400,000 to $5,000,000. This non conduit program with rates as low as 6.35% fixed features a 60 day advance rate lock and reasonable step down prepayment structures.
Regal Storage of Lake Jackson, Texas acquired $2,400,000 in refinancing for its 455 unit facility that has a total of 65,805 sf of storage space. The March 2007 loan was structured with a 10 year term and a 30 year amortization schedule; the first two years of the loan are interest only.
Security Mortgage Group closed on $650,000 in financing on January 26, 2007 for a 3 property portfolio containing storage facilities in the towns of Attica, Gouverneur and Lowville, New York. The rural self storage facilities have a total of 310 units, or 36,000 square feet of storage space, between them.
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.