Blue Point Commercial Mortgage
• · February: 25 Unit Family RV Resort construction-to-perm financing for $1,000,000. Provided funds for development project in downtown Tucson, AZ at 6% interest-only for construction phase and then adjustable 6% takeout/perm loan with 20 year term. Loan-to-costs was 90% with high leverage provided by a specialized SBA loan program.
• · March: Refinanced with cash-out 94 lot MHP in Soddy Daisy (Chattanooga) TN, with a 5%, 7-year fixed rate and 20 year amortized loan at 45% LTV. $675,000 loan to pay off private loan for improved rate and terms and provide funds to complete upgrades.
• · April: Portfolio purchase of 3 parks in Greenville, NC. Loan of $1,200,000, 4.75%, 7-year fixed rate on 20 year amortization with 56% LTV. The parks consist of 172 combined units, 98% occupied. Loan term is 7 years on 20 year amortization.
• · May: Refinance MHP in El Paso, TX. Arranged $1,650,000 CMBS financing at 73% LTV loan on 122 lots + two SFRs for improved rate and term and provide additional cash out for upgrades and to bring 12 new lots online. Unit mix included 10% park owned homes and 25% of homes sold and financed on contract. Cash out was $280,000 for improvements.
• · September: Two MHP portfolio refinance of 60 units in Kalispell MT. $1,400,000 loan@ 4.75%, 7 year fixed rate on 20 year amortization with 60% LTV. Worked with a regional lender to provide cash out for personal debt restructuring and payments. Owner’s residence was also refinanced with same bank at 4%, 30 year amortized home loan.
• · November: Mobile Home and RV Park cash out refinance in West Central Valley of California for $1,770,000. Rate is 4.00%, fixed for 5 years, 10 year term and 30 year amortization on 103 Units, 47 mobile home and 56 RVs with high % of transient RV income and 22% park owned mobile homes. Loan provided $800,000 cash out.
• · December: Mobile Home Park refinance, 65 units in rural South Western NY. $950,000, 4.75% fixed rate for 7 year on 25 year amortization and 74% LTV. Worked with local lender to lower interest costs and payments for a long term fixed period.