Nebo Capital Closes High Leverage $14M Loan for Manufactured Housing Property Acquisitions

Nebo Capital closed a challenging $14 million acquisition bridge-to-perm loan for two manufactured housing communities in the Bakken region of North Dakota. This high leverage loan (81% LTC) faced several hurdles, including foreign ownership and a tertiary market. However Nebo was able to identify a bridge lender that really understood the region, the value of the asset and the commitment of the sponsor to the property. Furthermore, the lender had the ability to timely deliver both the bridge and permanent financing at very competitive terms and on a limited recourse basis. This is the third transaction Nebo has closed in this region and will allow the borrower to continue to grow their MHC portfolio in an area where few lenders have expressed willingness to go.