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» $875,00 Saves A Mobile Home Park
Property Description:
Country Club Estates Mobile Home Park; Machias, New York
Ronald and Robert Wainright owned and cared for Country Club Estates for years. Ronald, Robert’s dad worked hard to provide a warm, welcoming neighborhood at an affordable price. The well tended, orderly property showed pride in ownership. Most tenants own their own homes and rent lots; some rent living units as well.
The Wainrights had a conventional 1st mortgage in place and a private 2nd mortgage. The 2nd mortgage holder made a verbal agreement to extend the loan. But, when the time came, the 2nd lender reneged and began refusing to accept payments. Instead, the lender started foreclosure proceedings.
A friend of the family bought out the 2nd position. Now, that friend needed to move on. The Wainrights needed to refinance to pay their friend and put the business back on track. Avatar’s loan for $875,000 cleaned up the existing financing quandary.
Mr. Wainright Sr. spent most of his adult life tending to this property. It meant more than just a plot of land or rental income. “My father,” Robert Wainright said, “was a man who could be proud of what he had accomplished. He provided a clean, well managed home and neighborhood for people in our area. It wasn’t just the money – it was the right thing to do, to make a home for people from a plot of land. He earned respect and was a man of his word.” Robert continued, “This financial setback threatened to destroy all that he had worked to create. And it was destroying his will to live. It was difficult to watch his hopes die. When he learned that Avatar was ready to take us on and fund this loan, I saw him come back to life. He was mowing the lawn again, speaking of the future. He was coming back to life and working again. I was very grateful.”
With finances now in order, the Wainrights will regroup and obtain conventional financing. Avatar funds loans that make sense for the borrower as well as the lender. When conventional lenders can’t move, we keep the wheels of commerce turning. View More Deals
