Heber, UT - The Madison Group, a commercial loan broker and loan consultant, announced today that it has arranged the $8 million cash out refinance of three separate Manufactured Home Communities in Georgia and Tennessee.
The MHPs, owned by one client, were all cross collateralized. The $8 million first mortgage loans enabled the borrower to lock into a great fixed term rate and avoid the uncertainty of future market fluctuations. Making the transaction even more challenging, was a looming maturity default on these performing properties.
The Madison Group was able to facilitate a single title company to close all three transactions with two separate lenders simultaneously on one day, thus beating the deadline for the notes coming due. The Madison Group’s team worked closely with the various vendors to ensure that third party reports were managed. This saved the borrower time, money, and ultimately provided a very timely closing on all three transactions.
“The borrower needed to separate the properties to unique loans to allow for the potential future sale of one or more of the communities,” said The Madison Groups Jeff Meierhofer, who originated the financing. “We were able to provide a nonrecourseloan with $2.3M cash out on one property, which allowed bank financing to be placed on the other two “B” class properties. The borrower will now be able to market these properties without a heavy prepayment penalty.” Meierhofer also commented, “this was one of the most challenging transactions I have been involved with, but we were able to meet the borrowers goals”.
Upon closing the loan, the borrower remarked: “I wanted to take a moment to thank you and your team at The Madison Group for the outstanding job you've done in closing what proved to be an almost insurmountable challenge. Your expertise in finding the appropriate lenders, title company, and having the staff to close three loans simultaneously was indeed an astonishing feat. Your patience with my inexperience was extremely helpful and indeed reduced the anxiety of the process. Thank you and your staff for all of your help.”
The financing was arranged by Jeff Meierhofer of The Madison Group.
The Madison Group (www.madisongroupfunding.com) is a commercial loan broker and consultant specializing in investor properties nationwide. TMG is a successful firm that provides flexible and reliable capital for real estate acquisitions, refinances, and recapitalizations. TMG specializes in the financing of properties including: apartments, mobile home parks, office, retail, industrial, self-storage. Established in 2002, The Madison Group has been able to help a large number of commercial real estate owners meet their financial goals. Contact Jeff at 435-785-8350 or email firstname.lastname@example.org