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Alabama Lender Funds Three Florida Properties

MIAMI-New South Federal Savings Bank, an affiliate of Birmingham, AL-based Collateral Mortgage Capital is loaning a total $6.22 million on three manufactured home communities in Miami, Lake Alfred, FL and Auburndale, FL.

By Alex Finkelstein | Updated on March 06, 2002

MIAMI-Birmingham, AL-based Collateral Mortgage Capital is loaning a total $6.22 million on three manufactured home communities in Miami, Lake Alfred, FL and Auburndale, FL through its affiliate, New South Federal Savings Bank. None of the loans has a higher interest rate than 7.5%.

In Miami, the 97-site Horizon Mobile Home Park is getting a three-year acquistion/bridge loan for $1.7 million at 7.25% interest amortized over 25 years. The loan-to-value ratio is 72.3%.

In Lake Alfred, FL, the 258-space Cypress Greens Mobile Home Community has obtained a $3.7 million loan, priced over the one-month LIBOR. The loan features a staged funding of earn-outs which allows the borrowers to earn additional loan proceeds as the community is leased up.

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