SECURITY MORTGAGE GROUP Provides Financing for Several Manufactured Home Communities in the fourth quarter of 2021 totaling over $179,000,000

January 25, 2022

FOR IMMEDIATE RELEASE

January 21, 2022

Contact:  Gerard D. DiMarco, Jr.

                 585-423-0230

SECURITY MORTGAGE GROUP Provides Financing for Several Manufactured Home Communities in the fourth quarter of 2021 totaling over $179,000,000

ROCHESTER, N.Y. – Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have financed over $179,000,000  for several Manufactured Home Communities in the fourth quarter of 2021. 

Managing Director, Gerard D. DiMarco, Jr., helped secure a long term fixed rate, non-recourse, full term interest only loan of $13,513,000 for a client’s 293-site MHC located in Michigan.

Gerry also secured financing for a repeat client’s MHC portfolio located in Northern, NY. The $10,550,000 non-recourse loan featured a 3.22% long term fixed rate. For the same client, Gerry provided debt for a separate MHC portfolio located in the Finger Lakes Region of NY with a $12,250,000 loan that featured flexible terms and pre-payment options.

Later in the 4^th quarter, Gerry negotiated a Fannie Mae supplemental cash out refinance loan of $2,467,000 for a client’s 383-site Idaho MHP.  Lastly, Gerry secured financing for a client’s 404-site MH Community Portfolio in Houston with a loan of $14,160,000. For the same client, a $14,228,000 loan was secured for a 293-site MHC also located in Houston, TX.  Both non-recourse loans featured a long term fixed rate of 3.54% and interest only terms.

Anthony J. DiMarco, the other Managing Director, negotiated financing for a repeat client’s various Texas MHCs. The $3,900,000 loan featured a fixed rate with flexible prepayment terms.

Anthony also secured financing for a repeat client’s 317-site MHC in Western New York with a non-recourse loan of $14,837,000 featuring a 3.22% long term fixed rate.  Additionally, Anthony helped secure a Fannie Mae supplemental cash out refinance loan of $6,167,000 for a client’s 644-site MHC located in Michigan.

Late in the quarter, Anthony negotiated refinancing for a clients’ 2 Iowa MHCs with loans of $24,000,000 and $22,671,000. Both non-recourse loans featured long term fixed rates and interest only terms.

Lastly, Anthony helped secure a $18,764,000 non-recourse acquisition loan for a repeat client’s 291-site Chicago area MHC. The loan featured a long term fixed rate with interest only terms.

Vice President, Pierce Redmond, helped secure financing for a client’s 102-site Ohio MHC with a non-recourse, long term fixed rate, 3 years interest-only loan of $2,700,000. 

Pierce also negotiated financing for a repeat client with a non-recourse, long term fixed rate loan of $3,075,000. The combined 92-sites are located in Central, Pennsylvania.  Additionally, Pierce secured financing for a repeat client’s four MH Communities in various Michigan locations with a non-recourse, long term fixed rate loan of $6,200,000.

In addition, Pierce negotiated acquisition financing for a client’s 249-site Alabama MHC portfolio with a loan of $2,667,000 and negotiated a cash out refinance for a client’s 355-site Tennessee MHC with a non-recourse fixed rate loan of $6,387,000.

Lastly, through the small loan program, Pierce secured financing for a client’s 52-site Michigan MHC with a fixed rate loan of $795,000 featuring flexible pre-payment terms.

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.