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 MHRV ADVISORS ASSISTS IN LOAN FOR MH COMMUNITY ON COLORADO RIVER

The new mobile home park loan of a San Bernardino County mobile home park was completed on August 29, 2006 for $2,995,000 Vince Reynolds and Norman Sangalang of MHRV Advisors acted as loan brokers on this transaction.

The resort is an all age park located on the Colorado River. The park has  111 manufactured home and park model spaces and two older houses on 25.91 acres, 9 acres are vacant for further development or additional lots. 832 feet of the land is river front property.  Of the 111 spaces, 48 of the sites were built in the 1950’s, the other 61 were built in 2002, 13 of them being riverfront double wide sites. The park is serviced by well water and a septic system.  Amenities include a boat launch and laundry facilities.  The new $2,995,000 note is at 7.0% and fully amortized over 30 years and closed in just 14 days.

“The borrower wanted to secure his future for many years to come, yet still acquire one more park for his portfolio.  We were able to find a mobile home park lender offering a fixed rate loan for 30 years with the ability to borrow additional funds down the road should the need occur.” Said, Vince Reynolds  “Most fixed rate loans constrain park owners with prepayment penalties and prevent 2nd TD’s or the ability to borrow from the park if the need ever occurs.  This park new loan allows up to 70% total financing, so as the borrowers equity in the mobile home park grows so does his ability to borrow against it, and the existing fixed rate stays as-is, it’s a real win-win scenario.”

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