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The Madison Group Arranges a $1,155,000 Loan for the purchase of a mobile home park in Idaho
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 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 firstname.lastname@example.org.
Jeff Meierhofer, Director of Finance