SMG Secures Funding Amid Market Turmoil
Security Mortgage Group announced that it closed over $71 million in mortgage financing for 18 mobile home and RV park properties while the subprime implosion was expanding, according to a news release from the Rochester, N.Y.-based lender.
On Aug. 24, funding totaling $38 million was secured for a portfolio of six RV parks in Maine, Michigan, New Jersey and New York. A total of 1,510 RV sites were served by this refinance.
Lake Bryant Mobile Home and RV Park closed on refinancing of $1.75 million on July 11. The Ocklawaha, Fla., community has 116 home sites and 79 RV sites. On the RV side of the business, a large portion of the revenue came from existing and recently added seasonal clients. “By working hand in hand with the client we were able to break down the various revenue streams of this unique property type and help portray to our lenders the true value of the property,” the lender reported.
An undisclosed MH & RV park in Florida also received financing of $9.5 million on July 2. Additionally, an undisclosed Florida RV resort obtained acquisition financing totaling $5.49 million.
Highlights of the financing for RV parks lending included: