$30,000,000 in Financing for Manufactured Home Communities by Award Winning Security Mortgage Group

$30,000,000 in Financing for Manufactured Home Communities by Award Winning Security Mortgage Group

Security Mortgage Group, a national award-winning Manufactured Home Community lending broker, has provided $30,000,000 in financing for several manufactured home communities nationwide in January 2017.

February 13, 2017 ( datsyn.com) – Rochester, NY – In a release to MHProNews, Managing Director, Gerard D. DiMarco, Jr., announced their firm secured financing for a repeat client’s 290-site manufactured home community in Houston, TX with a non-recourse, long-term fixed rate loan of $8,287,000.

Anthony J. DiMarco, the other Managing Director, helped negotiate acquisition financing for a repeat client’s purchase of two manufactured home (aka “mobile home”) communities in Buffalo and Verona, NY. The $5,950,000 non-recourse loan featured 4 years of interest only payments.

In addition, Gerry helped negotiate refinancing for a repeat client’s Midwest MHC Portfolio with a non-recourse $5,950,000 loan featuring a long-term fixed rate and 30-year amortization.

Gerry also helped negotiate refinancing for a client’s MHC in Norwich, CT with a non-recourse loan of $4,522,000. The loan featured a 12 year fixed and 4 years of interest only payments.

In addition, Anthony closed a loan for a repeat client’s acquisition of two communities in Augusta, ME. The non-recourse loan of $5,306,000 featured a long term fixed rate and a 30 year amortization.

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. To learn more about the company’s commercial mortgage programs for manufactured home communities, RV parks, self-storage and other income producing properties, click here

 

Source: PR