Several Small Communities Secure Financing
ROCHESTER, N.Y. - April 24, 2007
Homestead and Yarwood Mobile Home Parks in Radcliff, Kentucky secured $1,400,000 in refinancing at the end of March 2007. The 192-site community portfolio was closed through our small loan program with lender's closing costs capped at $6,000 and an advance rate lock available. The loan was structured with a 10 year term and a 30 year amortization schedule.
Security Mortgage Group also closed $1,590,000 in acquisition financing for the 80 site Gas Lite Manor Mobile Home Park in Sioux Falls, South Dakota. And across the country in Wells, Maine, Blueberry Ridge Mobile Home Park acquired $1,375,000 in permanent mortgage financing for its 53 sites.
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.