Damon Reed, Senior Vice President and Capital One Multifamily’s Director of MHC Finance, originated the transaction for the 223, all-age home site property owned by a repeat client of Reed and Capital One.
The borrower, Inspire Communities, as MHProNews has learned, is also one of Mobile Home University’s Top 100 Manufactured Home Community Owners with properties in ten states. The funds will be used to retire older debt and for other business purposes.
Reed said, “The sponsor’s loan matured in January 2016, but was open for prepayment without penalty in September. To take advantage of historically low rates, we moved forward in late August, processing the loan through Fannie Mae’s streamlined early rate lock program. We were able to lock in the rate seven days from loan application and closed in 37 days.” ##
(Photo credit: Inspirecom–Old Plantation manufactured home community)
