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North & South Carolina Manufactured Housing

Overview: $2,410,000 loan to finance the acquisition of manufactured housing communities in Columbia, South Carolina and Charlotte, North Carolina.

Timing: 60 days from signed term sheet to closing.

Unique Characteristics:
  • Borrower obtained seller financing (via second mortgage) for the acquisition of one of the two properties, cross collateralized the assets, and closed simltaneously.
  • Borrower with obstacles to securing traditional financing, due to below-average credit scores and relatively limited experience.
  • Approximately 50% of the income from one of the properties represented rental income from owned homes.

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