Mobile Home/RV Park Cash-out

 

Mobile Home/RV Park  Cash-out Refi Hemet, CA

 

  • 358 space park in needs of major upgrades
  • Problematic off balance sheet loans made by the operator on collateral within the park
  • Weak sponsorship net worth and liquidity
  • Confusing historical operating statements
  • Park income not stabilized as property transitions from seasonal/transient RV nature to full time MH.
  • $4,000,000
  • 4.75%% Interest Rate at 65% LTV
  • 10 years – 5 year fixed & 5 year floating / 30 year amortization
  • Loan bifurcated into a 1st TD of existing debt of $2.6M / 2nd TD as a draw facility for improvements with interest only for the first 2 years