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Posts Tagged ‘refinancing’

Security Mortgage Group Provides Financing for Six Manufactured Home Communities

June 16th, 2017 Comments off
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This community photo, logo and other images from the Security Mortgage website are the property of that firm, and are provided here under fair use guidelines. Text graphic and collage by MHProNews.

ROCHESTER, N.Y. – Security Mortgage Group, a national award-winning Manufactured Home Community (MHC) lending broker, has informed MHProNews that they have provided financing for another six manufactured home communities.

During May and early June, some $23,603,750 in lending was provided for several manufactured home communities in a variety of markets and sizes.

The most recent reported closings for commercial financing included the following transactions.

Here are the Highlights…

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Gerard DiMarco Jr, Managing Director, Security Mortgage Group. This photo and other images from the Security Mortgage website are provided under fair use guidelines.

Security Mortgage Group Managing Director, Gerard D. DiMarco, Jr., secured refinancing for a client’s 183-site land-lease community in Warren, OH. The $1,728,000 loan featured flexible prepayment terms and a long-term fixed rate.

Anthony J. DiMarco, the other Managing Director, negotiated refinancing for a repeat client in Louisiana for a

AnthonyDiMarcoSecurityMortgageGroupManufacturedHousingCommunityIndustryFinancingReFi-postedDailyBusinessNewsMHProNews-

Anthony DiMarco, Managing Director, Security Mortgage Group. This photo and other images from the Security Mortgage website are provided under fair use guidelines.

250-site land lease community with a non-recourse loan of $5,210,000.

Another MHC property in Michigan (also known as – a.k.a. ‘mobile home community’) has over 300 sites.  That ‘deal’ Anthony DiMarco arranged featured a non-recourse loan of $14,640,000.

Both of those communities featured clubhouses, playgrounds, and other resident amenities.

Pierce Redmond, Vice President, used a unique “small loan” program to negotiate refinancing terms for a repeat client’s Wesleyville MHP in Erie, PA.  That ‘deal’ had a $342,000 loan, featuring flexible prepayment terms.

PierceRedmonVPSecurityMortgageGroupManufacturedHousingCommunityIndustryFinancingReFi-postedDailyBusinessNewsMHProNews-Redmond also secured financing for a client’s acquisition of the 177-site Heritage Hills MHC in Pulaski, PA. In that case, the property had a $1,323,750 loan. Another client reportedly  had Butternut Creek Manufactured Home Community (MHC) in Charlotte, MI with a $360,000 loan.

Both of those loans featured flexible prepayment terms with fixed rates.

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Security Mortgage Group annual client’s dinner, Las Vegas. These events feature dozens to 100+ attendees, which include the industry’s movers and shakers. From the ‘mom and pop’ operations, to the industry’s best and fastest rising, plus national lenders and the SMG team and DiMarco family. Photo credit, MHProNews.

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Security Mortgage Group is an income property specialist, and the award winning firm offers the complete range of MHC lending products, including, but not limited to, small community loans.

The release to the Daily Business News concluded with, “Security Mortgage Group is a premier national lending source for Manufactured Home Communities, and is a four-time recipient of the “Manufactured Home Community Lending Broker of the Year” award given by the Manufactured Housing Institute.  Call us at 585-423-0230 anytime for specific questions on financing for your community.”

Their original release, is linked here. ##

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for MHProNews

Drew Drawing a Bead on Overseas Markets?

April 29th, 2016 Comments off

drew_industMHProNews has learned that Elkhart, IN-based Drew Industries, Inc. announces the refinancing of its revolving credit facility from its current $100 million that will expire in Jan. 2019, to $200 million, led by JPMorgan and Wells Fargo. The company had nothing outstanding against the $100 million at the close of the refi.

Drew intends to use the funds to grow organically and for possible acquisitions, including a feature that allows it to draw up to $50 million in approved foreign currencies including Canadian and Australian dollars, Euros and Pound Sterling.

Another feature: lending can be increased by $125 million. Bank of America Merrill Lynch and 1st Source Bank are also participating in this refinancing, according to prnewswire.

Said David M. Smith, Chief Financial Officer: “This new agreement, with its expanded capacity, multi-currency feature and improved financial terms provides the Company with a platform to use its financial strength to continue to seek out and capitalize on growth opportunities.” The company is no doubt taking advantage of low interest rates.

As MHProNews knows, through 44 manufacturing and distribution sites in the U. S. and Canada, Drew supplies components to the manufactured home and recreational vehicle industries, and to many other industrial markets as well. ##

(Image credit: Drew Industries, Inc.)

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

2015 Louisville Show adds 2 more Free Business Building & Educational Seminars!

November 29th, 2014 Comments off

louisville-2014-seminarsDennis Hill and the Midwest Manufactured Housing Federation (MMHF) have announced two new seminars have been added to the 2015 Louisville Show business building and educational line up.

The current plan is for there to be 6 sessions total. In 2014, most sessions were standing room only, so arrangements for 2015 include adding space so more MH Professionals can attend the popular sessions. See map for seminar location, below.

More manufacturers and exhibitors are also scheduled for 2015 than in 2014. As in 2014 and previous years, the show is all indoors at the climate controlled Kentucky Exhibition Center (KEC).

The current line up for the 2015 professional seminars are as follows.

Wednesday January 21st

  1. Wednesday 8:30 AM to 9:45 AM. Brokers! Community Owners! Investors – Unite! Ron Thomas Sr. and a north-wing-lobby-harold-workman-kentuky-exhibition-center-kec-posted-louisville-manufactured-home-show-daily-business-news-mhpronews-com-panel of experts will present a fast-paced introduction to the many opportunities in manufactured housing, with a focus on buying and selling MH Communities. Have a community you want to sell? Come. Having trouble finding the right property to invest in? Be here – and learn how you can tap opportunities NOW that many large firms overlook.
  1. Wednesday 10 AM – 11 AM. Super-Charged Marketing reveals how to sell more homes and fill more vacant sites! Learn to Dominate Your Local Market with Cutting Edge marketing that attracts more customers with cash or good credit! You’ll discover how the “IGA for Manufactured Housing” plan transforms a HUD/MOD retail or MHCommunity operation’s results. Presented by LATonyKovach.com who’ll be joined by an industry veteran who is currently doing these things successfully. Tony was Standing Room Only in 2014, come see why.
  1. Wednesday 11:10 AM – 12 noon. The Appraisal Rule and Manufactured Home Lending Panel! Learn the latest legal ways to successfully meet CFPB regulations! Dick Enrst of FinmarkUSA.com will moderate, with Sherrie Clevenger/NADA and Dan Rinzema/DataComp – PLUS a panel of top industry lenders! If you sell or lease homes anywhere in the United States, don’t miss this discussion! It may be worth the entire trip to Louisville

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Thursday January 22nd

  1. Thursday 8:45 AM to 9”50 AM. Lessons Learned in Manufactured Home Communities! Last year’s session was standing room only! Once more, award winning Ross Kinzler of the WHA will lead an all start panel of microphone-presentations-louisville-manufactured-housing-show (1)experienced manufactured housing community owner/operators and experts. The audience Question and Answers along made this a must attend for operators, who came from coast to coast in 2014. Don’t miss it.
  1. Thursday 10 AM – 11 AM. Super-Charged Selling for Manufactured and Modular Homes! Whatever the financing or market climate, you can sell more factory built homes with these proven success systems! Workshop byLATonyKovach.com, joined by a MH Pro using these systems to sell more homes! See why Tony brings MH Pros back, year after year, with Standing Room Only education to advance your sales.
  1. Thursday 11:10 AM to 12 noon. Buying, Selling or Refinancing a Manufactured Home Community? Then the MHCommunity Commercial Lending Panel is a must for you! Moderated by expert Dick Ernst of FinmarkUSA.com, who will be joined by a panel of commercial lenders who specialize in this field! MHC Lending continues to improve… come and get the latest facts, straight from those who do the deals! Bring your questions for the lively Q&A. These commercial lending facts apply nationwide – so fly, drive or hitch your wagon and travel the Road to Success to the Louisville Manufactured Housing Show in 2015 

For an example of what Pros and Corporate Executives said about the 2014 seminars, click here.

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If you missed the Show in 2014, don’t miss it in 2015, because the education plus all the side-by-side exhibits all under one roof are an unbeatable combination anywhere in the U.S.. ##

(Photo and image credits – Louisville Show, ManufacturedHomes.com and MHProNews.)

Hundreds Lose Refinancing Jobs

August 7th, 2013 Comments off

As mortgage giant Wells Fargo lays off 763 workers in its Home Mortgage division because refinancing requests are declining, the company says it will try to find other positions for those employees, who are receiving 60 days’ notice. Meanwhile, last month Citigroup announced it will cut 120 employees at a refinancing office in Danville, Illinois, as nationalmortgagenews tells MHProNews.

(Photo credit: Fotosearch–unhappy employee)

More Underwater Borrowers Grasp Lifeline

November 30th, 2012 Comments off

The government’s Home Affordable Refinancing Program (HARP) saw a 75% growth over all of last year in the first nine months of 2012, amounting to 700,000 loans, according to nationalmortgagenews. Edward DeMarco, acting director of the Federal Housing Finance Agency (FHFA) suggested the numbers might hit one million by year’s end. Backed by Fannie Mae and Freddie Mac, the loans sparked after rules were changed that encouraged lender involvement, financing more than 1.7 million mortgages since the program began in 2009. Geared to help underwater borrowers, over 40% of the HARP refinances through the third quarter of this year went to those borrowers. As MHProNews has learned, mortgages that exceeded the value of the underlying homes by at least 25% accounted for a quarter of the 90,000 HARP loans in Sept.

(Image credit: hansafx)

Mortgage Apps Fall

November 23rd, 2012 Comments off

HousingWire tells MHProNews mortgage applications fell 2.2 percent for the week ending Nov. 16, according to the Mortgage Bankers Association (MBA). Meanwhile, the refinance index dropped three percent from the previous week as refinancing activity comprised 81 percent of all loan applications, the same number as the previous week. The purchase index on a seasonally-adjusted basis increased three percent from a week earlier.

(Image credit: HousingWire)

Borrowers Lose by not Refinancing

July 24th, 2012 Comments off

DailyFinance tells MHProNews Credit Sesame says last year 35 percent of the 50 million U.S. mortgages qualified for refinancing but only 4.5 million borrowers did. Why? One reason, according to Kelli Dudley of DePaul University in Chicago, is “The mortgage foreclosure fiasco has had a major mental health cost for consumers. It is difficult to make economically rational decisions when the underpinnings of home ownership have been shaken. In short, consumers no longer trust lenders and see them as the enemy.” Another reason, according to Irene Shubldaze of Credit Sesame, noting how busy people are, is the time required to shop for deals, gathering and submitting the necessary documentation, consider interest rates, and weigh all this information against how long you expect to stay in the house. In addition, a lot of people think they can play the market and make more than by refinancing their mortgage and saving $5,000. Pete D’Arruda of Capital Financial Advisory Group says, “Everyone wants to brag and find that next Apple. I’m amazed at how much risk people are taking. They’re climbing the equivalent of a 30-foot ladder with no one holding it.”

(Image credit: Photobucket)

$4.2M 207M Loan Approval by HUD

June 29th, 2012 Comments off
MHProNews has learned that the HUD Multi-Family Staff pre-approves loan for refinancing and rehabilitation, in this case, of the first manufactured home land lease community. The new loan will provide $4.2m in funding from a private lender for a resident owned cooperative located on popular Bainbridge Island in Puget Sound. MHProNews.com featured writer Eddie Hicks was instrumental in the process of obtaining the FHA207m. The under-used program offers 40 year, non-recourse loan program that can be used for a new acquisition and development or communities needing updates and repairs.
(Photo credit: MHProNews)

Mortgage Applications Spike

June 14th, 2012 Comments off

Mortgage Bankers Association (MBA) says the low interest rates led to mortgage applications climbing by 18 percent on a sequential basis for the week ending June 8, 2012, according to NationalMortgageNews, a rate not seen since April 2009. MHProNews.com has learned the increase is seasonally adjusted. Although refinancings accounted for 79 percent of the applications, up from 78 percent the previous week, business is good for mortgage bankers. The home purchase average size loan increased from April’s $238,135 to $243,733 in May; average refinancing loan size was $226,576 in May, up from $219,664 in April.

(Image credit: ForeclosureListings)

Single-family Lending Soars

May 30th, 2012 Comments off

OriginationNews tells MHProNews.com according to the Federal Reserve, single-family loans lending by the 25 largest banks has spiked this quarter, increasing $11.2 billion, at an annualized rate of 56 percent, to a non-seasonally-adjusted total of $4 trillion for the week ending May 9. Home mortgage lending was just below 40 percent, while commercial and industrial loans in the second quarter accounted for 62 percent of total loan growth. Brian Klock, an analyst at Keefe, Bruyette & Woods, says, “The increase in volumes has coincided with a drop in interest rates, so it would stand to reason there is more refinancing volume than purchase volume.”

(Image credit: ForeclosureListing)