Thursday, June 4, 2009

Guenther Arranges $4.755 Million for Bozeman Manufactured Housing Community

NBS Financial Services Finance Officer Erich Guenther has arranged a $4.755 million loan with a low interest rate and attractive terms for King Arthur Estates, a 210-pad manufactured housing community in Bozeman, Montana.

The deal was funded through Fannie Mae. Guenther, of the company’s Seattle office, negotiated a 10-year fixed interest rate at 5.6%, with 65% loan-to-value and 1.50 debt service. The borrower was also able to pull out some equity.

As the credit markets have deteriorated over the past months, Fannie Mae requires extensive pre-review and due diligence for all manufactured housing properties. Guenther was able to negotiate with Fannie Mae on several fronts, to meet and exceed the borrower’s expectations for the loan proceeds and pricing. The proceeds were used to pay off the expiring mortgage on King Arthur Estates, an existing mortgage on another property, as well as financing fees for the transaction.

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