Thorofare Capital has funded $4,011,017 in Discounted Payoff Financing at 76% LTC for Robin Glen, a 505-unit mobile home community located in Saginaw, MI. The transaction closed within one week of application to capture a highly discounted payoff amount equaling less than 50% of the outstanding principal balance. Of the $4,011,017 loan, $2,800,000 will be used for the discounted payoff, $750,000 will be used to finance home acquisitions, and $346,850 will be used to fund capital improvements and demolitions. The borrower is a privately-held real estate investment company which owns and operates 44 manufactured home properties across the Midwestern United States and Florida. The former lender was taken over by the FDIC, subsequently; the new bank that took over the failed lender allowed for the discounted note payoff at an amount of $4,850,000. The property has suffered from lack of capital, lack of quality inventory, and much needed capital improvements. The business plan includes a $275,000 capital expenditure budget to immediately upgrade the roads, clubhouse, pool, playgrounds of the property and create a new welcoming safe environment to retain current residents and bring in new residents. Thorofare will contribute $750,000 to a $1,000,000 acquisition facility which will be used to purchase 30 new manufactured homes and install/connect these homes to the community’s electrical and sewage infrastructure. Importantly, property management was changed in 2012 and the new management team has executed similar business plans at a number of other parks. In addition, much of the existing inventory has been renovated and leased up. At the time of closing, the property was 41.6% occupied and produced a going-in debt yield of 12.4%.