Mobile Home Park Portfolio
Case Details
Quick Close, Low Occupancy.
Tertiary Market
$8,000,000
Rockford, IL
The Challenge
Our client needed to close before year end for tax purposes. Leaving us very little time to get the loan done. We have an out of state borrower, out of state lender that was not experienced in MHP lending. The property is currently low occupancy and is located in a Tertiary Market.
The Solution
Individual releases for agency execution upon stabilization. Despite last minute issues with the survey and other challenges, we were able to get the loan closed for the Borrower on time. We had a great sponsor who understands what it takes to close a deal, which always helps!
