Security Mortgage Group finances $57.35 million in February and early March

Security Mortgage Group, a national award-winning MH Community lending broker, is pleased to have recently provided $57.35 million in financing for 21 communities nationwide in February and early March. "I am excited that the credit markets have returned in such a strong way for our industry. The fact that lenders are attracted to manufactured home communities in such a strong way should help provide the industry the jump start it needs to get back on the growth path" said Gerry DiMarco, Jr., managing partner. Gerry closed $29.125 million in financing for a 2,211 site MHC portfolio in late February. The portfolio includes 14 properties from Texas, Virginia, North Carolina, Oklahoma, Missouri, and Maryland. Gerry was able to secure non-recourse long term fixed rate financing for the client. Anthony DiMarco, managing director, recently secured $9.25 million in long-term fixed rate financing for a MHC in San Antonio, Tex. This 319 site community, consisting of new amenities, obtained a non recourse mortgage with a 30 year amortization. In addition, Security Mortgage secured a loan on a 3-park portfolio in Ohio and South Dakota totaling $7.725 million for another repeat client. On February 25, Anthony acquired funding for Oasis & Sunset Country manufactured home communities with a total of 363 sites in Pueblo, Colorado for $7.25 million. Finally, the DiMarco's provided $4 million for a 288 space park outside of Atlanta, Ga. for a repeat client in early March. Both non-recourse loans featured long term fixed rates. According to Anthony, "Our success can contributed to the quality of our clients and our relationships with our lending contacts. Our lenders are experienced, knowledgeable, and excited about bringing financial stability to the manufactured home community industry." Security Mortgage Group is a premier national lending source for Manufactured Home Communities, and received the "Manufactured Home Community Lending Broker of the Year" award in 2004, 2005, 2006, & 2009 from the Manufactured Housing Institute.