Select Commercial, a leading nationwide commercial mortgage brokerage company, is pleased to announce the closing of a $2,215,000 loan, for the refinance of a mobile home park loan with 42 homesites, known as Willow Brook Village MHC, located in Hudson, Colorado (Weld County). The manufactured housing community also includes 1 single family home and is located on a 3.922 acre site at 218 Grape Street in Hudson. The community was originally constructed in 1980 and is in average condition. Current occupancy is at 100%. The average rent per homesite is $548 per month. “Select Commercial has extensive experience financing manufactured home communities and mobile home parks, and we are very pleased to offer our customer a very low fixed rate loan”, commented Stephen A. Sobin, President and Founder of Select Commercial.
The borrower received a 10 year fixed rate loan term and a 30 year amortization. The loan was made through Fannie Mae’s manufactured home community loan program. “The borrower liked the fact that we were able to offer a low fixed rate for this refinance” said Mr. Sobin, adding, “This a long-term investment for our borrower and we were very confident in the management abilities of this borrower”.
The borrower chose Select Commercial for their loan based on Select Commercial’s knowledge of the market, their 35+ years of experience and their “A+” rating with the Better Business Bureau. Stephen A. Sobin negotiated the loan on behalf of the borrower and the borrowing entity.