Over $18 Million in Mortgage Financing Funded for 7 Parks
ROCHESTER, N.Y. - December 31, 2007
Security Mortgage Group is proud to announce that mortgage financing of over $18 million on 7 parks was obtained at the end of 2007; over 1,100 sites were served. The mobile home parks are situated around the nation: Oregon, Wisconsin, Iowa, Illinois, and New York.
Anthony DiMarco recently closed a loan portfolio of two manufactured home communities, with a combined total of 208 sites, in Western New York with permanent mortgage financing of $6,080,000.
North Oaks Manufactured Home Community, a 160-site park located in Springfield, Illinois, secured $2,640,000 in acquisition financing.
Oak Park Acres Manufactured Housing Community of Lomira, Wisconsin recently refinanced its 104 home sites for $2,000,000. The loan was arranged with a 10 year term and a 30 year amortization schedule.
Littlebrook Mobile Home Park of Roseburg, Oregon acquired $1,500,000 in refinancing for its 140 site community.
All four of these loans were individually structured with a 10 year term and a 30 year amortization schedule.
Western Hills Manufactured Home Community secured $3,000,000 in refinancing; the Coralville, Iowa MHC has 285 home sites.
Additionally, an undisclosed RV resort in Wisconsin obtained acquisition financing of $2,857,000 in December.
Security Mortgage Group is the premier national lending source for Manufactured Home Communities, having received the "Manufactured Home Community Lending Broker of the Year" award in 2004, 2005, and 2006 from the Manufactured Housing Institute.