Select Commercial Funding, LLC, announced on Wednesday, February 3, 2015, the funding of a $4,000,000 refinance loan of a 187-unit manufactured home park located in Baltimore, Maryland. The 41-acre manufactured home community, known as Sleepy Hollow Mobile Home Park, was built in 1989 by the owner and contains 187 homes and parking for 374 vehicles.

PR Web tells MHProNews that Stephen A. Sobin, president of Select Commercial Funding, LLC, represented the Maryland-based borrower and was able to negotiate a 10-year fixed rate mortgage at 3.39% with a 20 year-amortization. The new non-recourse loan replaced a commercial mortgage-backed security loan which was maturing and provided a lower rate and a better structure than the expiring loan. Sobin said that the loan was originated and closed under the Fannie Mae DUS program, which provides low fixed rates and long term loans to apartment buyers and owners nationwide. ##

(Photo Credit: PR Web)

 

Article submitted by Sandra Lane to – Daily Business News – MHProNews.