Maverick Funds $9,650,000 First Mortgage Loan for Byrnes Mill MHC in House Springs, Missouri
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Maverick Commercial Mortgage has arranged a $9,650,000 first mortgage loan for a 372-site manufactured housing community in the greater St. Louis metropolitan area. Maverick President Ben Kadish sourced funding from a national lender for this bridge loan with a term of three years and an interest-only amortization schedule. Loan proceeds refinanced the existing first mortgage, funded a reserve for new house purchases, paid for closing costs and returned equity to the borrower.