UMH Properties secures $10.2 million Fannie Mae mortgage via Wells Fargo at 6.03% fixed rate - UMH News | RalliesUMH Properties secures $10.2 million Fannie Mae mortgage via Wells Fargo at 6.03% fixed rate
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UMH• Fannie Mae mortgage refinancing
- UMH Properties secured a new Fannie Mae mortgage via Wells Fargo on Aug. 28 for about $10.2 million.
- The interest-only loan was priced at a fixed 6.03% with a 10-year term.
- The refinancing followed the payoff of a $2.8 million mortgage, generating $7.4 million of incremental proceeds.
- Proceeds are earmarked for acquisitions, expansions, rental homes, and short-term repayment of higher-rate debt.
- The loan is backed by a 267-site manufactured housing community.
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