The Homeowners Association of Blue Pacific Mobile Home Park, Aptos, Ca, has refinanced the loan they used to purchase their mobile home park in 2011.
The original loan was guaranteed by HUD/FHA and was a 40-year, fixed rate, fully amortizing loan for about $5,600,000. Almost 85% of the residents in the 100 home site park participated in the purchase by buying a membership in the resident-owned non-profit mutual benefit corporation which purchased Blue Pacific Park.
The new loan, using the HUD/FHA Interest Rate Reduction (IRR) program, lowered their interest rate to 3.77% fixed for the remaining 35 years of their loan.
For additional information, contact me (Deane Sargent, 415-271-3919; deane.f.sargent@gmail.com.)
Deane Sargent and PMC Financial Services have been helping mobile home park resident groups and cooperatives to organize and find financing to buy their parks for over 20 years.