$17.6 Million Financed in Tougher Economy
ROCHESTER, N.Y. - February 1, 2008
Security Mortgage Group is proud to announce that mortgage financing of $17.6 million on four properties was obtained in January of 2008. Despite the economic downturn and the resulting credit squeeze, we were able to locate funding for one apartment portfolio and two small loans.
Pine Ridge Apartments acquired $700,000 in refinancing on January 8, 2008. The loan was arranged with a 10 year term and a 30 year amortization; lender's costs were capped at $3,000. The apartment complex has 16 units and is located in Roanoke Rapids, North Carolina.
Belaire Mobile Home Park of Browns Mills, New Jersey refinanced its 270 sites on January 30, 2008 for $800,000. The financing was structured with a 10 year term and a 30 year amortization schedule.
Carriage Hill Apartments and Woodhill Fletcher Apartments secured acquisition funding of $16,176,000 on January 31, 2008. The apartment portfolio contained a total of 188 units in Goshen, New York. The 80% LTV mortgage, which closed in 50 days, had a 10 year term and a 30 year amortization; it also featured two years of interest-only.
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.