ST. PETERSBURG, Florida - Bison Financial Group, Inc., a real estate advisory firm based here announces the placement of a new first mortgage to acquire a 56 space manufactured home community in Cocoa, Florida. The lender was a community bank that Bison has placed multiple loans with since 1997. The borrower was a new single purpose entity organized by a Virginia businessman. The non-recourse loan is based on a 75% LTV with a term of 7 years.

The property features 56 sites with a 4 unit apartment building. Bison sourced this deal through an out of state mortgage broker familiar with Bison's track record of closing hard to do deals in rapid timeframes.

One of the principals of Bison, Jared Repka, said, "Two weeks prior to the scheduled closing date we received a fax from the prospective borrower that the deal was 'dead' since he was unable to find property and casualty insurance for the property after a month of trying. Using the resources of Maryalice Weaver at the Dave Lazanis Insurance Agency in Clearwater, Florida we rolled up our shirtsleeves and were able to find insurance and ultimately save the deal. Interestingly enough we bound the policy just 20 minutes before a hurricane showed up on the radar screen, which would have shut down the insurance carrier until the storm passed. Because of the hard work of all involved the loan closed within the buyer and seller's timeframe."

Bison helps real estate entrepreneurs buy, sell and finance investment real estate and has closed approximately $200 million in transactions since 1994.