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  • Michael O'Connor

mPark Loans Funds to Acquire Simmons Mobile Home Park in Edwardsburg, Michigan

mPark Partners recently provided a private mortgage loan to a a private sponsor who was planning to buy the Simmons Mobile Home Park in Edwardsburg, Michigan. This was his first acquisition in the mobile home park industry, and he had little experience raising private investment funds in the past.

Prior to mPark being involved, the sponsor identified a few close investors who were to provide the equity needed to support bank financing. When several of the investors backed out, the sponsor was unable to acquire the community and reached out to our company with only two weeks left until settlement.

mPark Partners agrees to provide a two year loan to the investor for 90% of the purchase price. The additional 10% in equity was to be provided by the sponsor. The terms were to pay interest only payments with a balloon being due at the end of the two years. In the event that a bank would not be available in two years, mPark prearranged to allow an extension of the loan as needed.

mPark closed this deal within the two week contractual period thus saving the investor from losing a great opportunity and his cash earnest money deposit.

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