TWO STAR PARKS IN SAN BERNARDINO AND RIVERSIDE COUNTY OBTAIN 8.5% AND 8.75% FINANCING

Siesta Mobile Home Park located at 26122 Baseline Street, Highland, CA obtained new financing of $360,000 and South Mesa Mobile Home Park located at 763 West Avenue "I", Calimesa, CA obtained new financing of $375,000. Vince Reynolds and Norman Sangalang of MHRV Advisors arranged the new financing for the owners. The owner was seeking to pay-off mortgages that were coming due as well as obtain better interest rates.

Siesta MHP is a 2-Star MHP located on approximately 2.4 acres in San Bernardino County. The park consists of 25 singlewide spaces, 8 doublewide spaces and several spaces for travel trailers. The park was approximately 80% occupied at the time of financing. The only amenity at this park is a laundry facility.

South Mesa MHP is a 2-Star MHP located on approximately 3.55 acres in Riverside County. The 43 unit park consists of primarily singlewide spaces, a rental home and several spaces for travel trailers. The park was approximately 78% occupied at the time of financing. The only amenity at this park is a laundry facility.

Reynolds and Sangalang arranged the loans with very favorable terms through a Southern California bank despite several deficiencies with the parks. Although the parks were in fair condition the loan amount, current income and quality of the parks would have typically subjected the mortgage to a higher interest rate, a lower LTV, impounds fees, prepayment penalties and other conditions. The interest rates for the loans were 8.5% for South Mesa MHP and 8.75% for Siesta MHP amortized over 30 years due in 15 years based on the 11th District Cost of Funds.

Vince Reynolds commented "It is an especially good time to refinance mobile home parks to take advantage of the relatively low interest rates. Even though both of these loans were smaller than what lenders usually like to process we were able to use our relationship with the lender to get them done. This refinance demonstrates that under the right conditions good financing is available for all types of mobile home and RV parks."

Norman Sangalang added "The owners initial response from several lenders was discouraging at best. After the same lenders reviewed the loan request packages we tailored for the each of the parks the owners were presented with letters of interest not only from some of the very same lenders but with terms and conditions that were better than they had originally expected."

Vince Reynolds and Norman Sangalang sell and finance mobile home and RV parks exclusively throughout the states of California, Arizona and Nevada and have sold or refinanced over 100 MH and RV parks over the past few years. For further information please contact Vince or Norman toll free at (866) 459-MHRV (6478) or via email at reynolds@mhrvadvisors.com or norman@mhrvadvisors.com.