The Madison Group Arranges a $1,155,000 Loan for the purchase of a mobile home park in Idaho

Press Release (ePRNews.com) - PARK CITY, Utah - Jan 26, 2018 - The Madison Group (TMG), a leading source of mobile home park financing nationwide, arranged the $1,155,000 loan for the purchase of a mobile home park in Heyburn, Idaho.  The borrower’s goals were to purchase the mobile home park with maximum leverage and longest amortization. TMG secured the financing with a 10-year term, a 5-year fixed rate of 5.14% and a 25-year amortization at 75% loan-to-value.

    The 8.221-acre park consists of 53 mobile home spaces with no park-owned homes.  The park is in good condition has only one vacancy at the present time. It is located in a relatively small market between Twin Falls and Pocatello.  Heyburn is approximately 40 miles from Twin Falls, which currently has a positive job growth rate.

    One of the challenges for this loan was that the borrower being a first-time mobile-home park owner, although he has owned other multi-family properties for many years.  The borrower also is an out-of-state buyer.

    “We were able to find a local bank willing to offer the 25-year amortization and 75% LTV in the small rural Idaho market,” said Angela Kesselman, TMG’s Associate Director of Finance.  “Most smaller banks only lend on 15-20 year amortizations at lower LTVs.  This lender was comfortable with the collateral and made an exception to the policy providing the buyer the financing he needed in order to cash flow the property and obtain his desired returns,” said Kesselman.

The financing was arranged by Angela Kesselman at The Madison Group.
The Madison Group (www.madisongroupfunding.com) is a commercial uwvyr loan broker and consultant specializing in financing for investor properties nationwide. TMG provides flexible and reliable capital for real estate acquisitions, refinances, and re-capitalizations for a variety of property types including:  multifamily, mobile home parks, credit tenant NNN net lease, office, retail, industrial, self-storage and other commercial properties in the United States.  Established in 2001, The Madison Group’s intention is to provide highly competitive loan products through its superior capital market expertise and quality sources of capital.  TMG works efficiently and effectively to get the transaction closed and funded.

The Madison Group can be reached at 435-785-8350 or by emailing Kesselman at angela@madisongroupfunding.com.

Source : The Madison Group
SHARE :  
Business Info :
The Madison Group

You may also like this  

CATEGORIES : Investments

Login

Or using ePRNews Account

Don't have an account ? Sign Up

Register New Account

Or form here

Already have an account ? Login

Reset Password

Already have an account ? Login

DISCLAIMER

If you have any concerns regarding this press release, please contact the Author / Media Contact / Business of this press release. ePRNews is not resposible for the accuracy of the news posted and do not endorse, support any product/ services/ business mentioned and hereby disclaims any content contained in this press release.