$9.4M Loan Request – Non-Recourse, Cash-Out Refinance
Cash-Out, Non-Recourse loan to refinance the acquisition financing on a 96-pad luxury mobile home park in Dana Point, California.
- Request was for maximum loan proceeds with a non-recourse lender to return sponsor equity
- Comparable properties in the immediate area provided limited valuation / rent-level comparables for the renovated subject property
- Limited universe of lenders that offer non-recourse financing for mobile home parks
- Prepared a wide ranging comparable survey to prove out subject property valuation given recent upgrades and coastal location
- Sponsor’s proven track record in renovating and stabilizing mobile home parks in Southern California provided lender with further support to maximize proceeds
- Performed a comprehensive market and property tour for the lender, inclusive of full team (sponsor, leasing brokers, property managers)