RESIDENTS REFINANCE MH PARK
The resident group at Palm Terrace MHP, Aptos, CA are pleased to announce that they have completed the refinance of their existing first mortgage loan. The group (Palm Terrace Mobilehome Owners Association, Inc. – PTHOA) purchased the park in 2006. The park, which has 48-sites and a clubhouse, was built in 1950.
The refinance loan, which took only 50 days to process, was for $1,820,000 with a 10-year term, 30 year amortization and an interest rate of 3.62%. The prior loan had similar terms and carried an interest rate of approximately 6.5%. The refinance loan provided sufficient funds to payoff the balance of the prior loan and fund over $350,000 for capital improvements, additional park amenities, and reserves. The refinance loan was funded by Federal National Mortgage Association (Freddie Mac).
PMC Financial Services, which organized the original park purchase in 2006, developed the refinance plan and originated the 2016 Freddie Mac loan.