Archive

Posts Tagged ‘fixed rate loan’

Capital One Brokers Loan for Orange Grove Land Lease Community

November 18th, 2015 Comments off

orange_grove_mhc__san_fernando_ca__google_maps__creditMHProNews has learned from Capital One that it arranged a $3.1 million fixed-rate loan package through Ladder Capital Finance to refinance the Orange Grove manufactured home community (MHC) in San Fernando, California. Senior Vice President Chad Thomas Hagwood, the head of Capital One Multifamily’s Birmingham, Ala. office, brokered the transaction for the 77 home site community.

With over 30 years in the MHC business, Orange Grove MHP Group, LLC has owned Orange Grove 20 years and currently owns and operates 11 MHCs in Arizona, California, Colorado, Georgia, and New Mexico. Hagwood has worked with Orange Grove in the past.

Amortized on a 30-year schedule payable on an actual/360 basis, the fixed-rate loan has a ten-year term. ##

(Photo credit: googlemaps–Orange Grove manufactured home community)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Two California Land Lease Communities Obtain Financing

July 16th, 2013 Comments off

Working exclusively on behalf of Wynne Corporation to seek financing for two manufactured home communities (MHC) north of Los Angeles, HFF (Holliday Fenoglio Fowler, L.P.) secured acquisition financing for La Maria MHC in Santa Maria, Calif. and refinancing for Ojai Oaks Village in Ojai, Calif. La Maria is a 158-site senior MHC which received a ten-year, $8.5 million fixed-rate loan from Aegon USA Realty Advisors, LLC. HFF arranged an $8.3 million fixed-rate loan from Lincoln Financial Group for Ojai, a 125-site, 96 percent occupied all-age community 25 miles east of Santa Barbara. La Maria is 98.1 percent occupied. As nreionline informs MHProNews, HFF will also service the loans.

(Photo credit: Arnaldo Abba/psmag–Pismo Dunes MHC in Calif.)

Rising FHA Insurance Raises Effective Interest Rate

August 30th, 2012 Comments off

Ronnie Richards of American Homestar Corp. tells MHProNews a report by HousingWire reveals while mortgage rates have hit record lows since the beginning of the year, the effective interest rate has not changed because the Federal Housing Administration (FHA) raised its insurance premiums due to its troubled emergency insurance fund, according to Dan Green of Waterstone Mortgage. On his blog, Green points out as a federal agency FHA has to maintain $2 in reserve for every $100 it insures. As default claims rose between 2007 and 2011, the well was tapped so often that by Nov. 2011 FHA had only $0.24 per $100 insured, and had to raise premiums four times in the last year. The 0.50 annual mortgage insurance premium (MIP) of 2008 has risen to 1.50 in some high-cost cities, resulting in an “effective interest rate” of 5.50% based on a 30-year fixed rate loan with a mortgage rate of four percent. The good news, notes Green, is that MIP is temporary.

(Image credit: Federal Housing Administration)