Capital One’s Manufactured Housing Finance has engineered a $5.9 million Fannie Mae fixed-rate loan to refinance Rio Plaza Mobile Home Estates (MHC) in King City, California. MHProNews has learned from multihousingnews the community is located in Monterey County 50 miles southeast of Salinas.
The 110 homesite all age manufactured home community (MHC), built in 1973 is 99 percent occupied and is located in a residential neighborhood close to Highway 101. The owners chose to refinance at a lower interest rate before their current loan matured. Damon Reed, Capital One senior vice president and Director of MHC Finance, said, “We were able to have their loan approved and locked before treasuries started moving higher. As a result, we were able to lower their interest rate from 6.15 percent to the 4.75 percent range.”
The 30-year fixed-rate loan has a 30-year amortization payable on an actual/360 basis, and provided funds for future acquisitions by the unnamed owner. ##
(Photo credit: google-Rio Plaza Mobile Home Estates, King City, CA)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.