ROCHESTER, N.Y. – Security Mortgage Group, a national award-winning Manufactured Home Community (MHC) lending broker, has informed MHProNews that they have provided financing for another six manufactured home communities.
During May and early June, some $23,603,750 in lending was provided for several manufactured home communities in a variety of markets and sizes.
The most recent reported closings for commercial financing included the following transactions.
Here are the Highlights…
Security Mortgage Group Managing Director, Gerard D. DiMarco, Jr., secured refinancing for a client’s 183-site land-lease community in Warren, OH. The $1,728,000 loan featured flexible prepayment terms and a long-term fixed rate.
Anthony J. DiMarco, the other Managing Director, negotiated refinancing for a repeat client in Louisiana for a
250-site land lease community with a non-recourse loan of $5,210,000.
Another MHC property in Michigan (also known as – a.k.a. ‘mobile home community’) has over 300 sites. That ‘deal’ Anthony DiMarco arranged featured a non-recourse loan of $14,640,000.
Both of those communities featured clubhouses, playgrounds, and other resident amenities.
Pierce Redmond, Vice President, used a unique “small loan” program to negotiate refinancing terms for a repeat client’s Wesleyville MHP in Erie, PA. That ‘deal’ had a $342,000 loan, featuring flexible prepayment terms.
Both of those loans featured flexible prepayment terms with fixed rates.
The release to the Daily Business News concluded with, “Security Mortgage Group is a premier national lending source for Manufactured Home Communities, and is a four-time recipient of the “Manufactured Home Community Lending Broker of the Year” award given by the Manufactured Housing Institute. Call us at 585-423-0230 anytime for specific questions on financing for your community.”
Their original release, is linked here. ##
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