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OWNER SEEKS NEW LOAN TO REMODEL PARK

The Refinance of a San Bernardino County mobile home park was completed on March 25, 2008 for $4,200,000 with a regional portfolio lender.  Vince Reynolds and Norman Sangalang of MHRV Advisors acted as brokers for this new mobile home park loan.

The four star park is located on the Colorado River with nearly 1,000 feet of river frontage .  The amenities at the park include being a fully gated community, boat launch and dock, gym and professionally landscaped park grounds.  A remodel of the park has just been completed with less than 1/3 of the spaces remaining from the previous remodel which occurred in 2002.  The park has added 44 covered boat and RV storage sites with another 90 sites currently being rehabbed.  The new $4,200,000 note and first trust deed variable rate loan is fixed at 6.35% for ten years and fully amortized over 30 years. 

The new mobile home park loan replaced the existing loan and recaptured the cost of adding the new mobile home  spaces and homes and completely renovating the park. This loan gave the owner the opportunity to finish the park remodel by adding five star amenities including a store,  without having to worry about his interest rate for the next ten years.  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 mobile home 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 2008 – Capital is getting scarce.
 

   Mobile Home Park Loans & Financing

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