Back   |   Print   |   Bookmark 

OWNER SEEKS NEW LOAN TO IMPROVE PARK AESTHETICS

The Refinance of a Santa Cruz County RV Park Financing Loan was completed in the 4th Quarter of 2008 for $540,000 with a regional portfolio lender.  Vince Reynolds and Norman Sangalang of MHRV Advisors acted as brokers for this new RV park loan.

The park consists of 32 RV Spaces with 2 small single family homes.  The park is nearly 100% occupied year round because of it’s unique location, just three blocks inland from the beach. The majority of the income is from reoccurring visitors who have been coming to the park for several years.  The overall expense ratio is also low because there are no high cost amenities, minimal landscaping and gas is bought by the guests leaving only a basic infrastructure to maintain.  The park is on city water and city sewer.  The new $540,000 note and first trust deed variable rate loan is fixed at 7.5% for five years and fully amortized over 30 years.  

The new park loan replaced the existing two loans and helped reduce the total monthly debt service by $3,000. This loan also gave the owner the opportunity to finish property improvements such as fixing the streets and installing new water meters.  With the current state of the market, MHRV Advisors was still able to negotiate a low interest rate which was far lower then the existing financing and get the deal done while the capital markets were imploding.  Please call us to discuss this RV park refinance or to discuss a free confidential refinance analysis of your park.  Call now while interest rates are still low, this could be your last chance for 2009 – Capital is scarce for all park loans, especially RV parks.
 

   Mobile Home Park Loans & Financing

 ↑ Back to Top