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UNITED MOBILE HOMES, INC. ANNOUNCES NEW CREDIT FACILITY

 EATONTOWN, NJ, Aug. 26 /PRNewswire/ -- United Mobile Homes, Inc. (NASDAQ: UMHI) today announced that it signed a $10,000,000 credit facility with United Jersey Bank/Central, N.A. and has agreed to a $5,000,000 credit facility with Citizens First National Bank. Eugene W. Landy, president, stated that the new $15,000,000 credit facilities were designed to save United Mobile Homes $250,000 a year in interest costs. When fully implemented, the loans would allow United Mobile Homes the option to borrow either at a fixed rate or a floating rate to finance its twenty mobile home parks. United anticipates that the current trend of rising operating income and decreasing interest expense will continue into 1994.
 United Mobile Homes, Inc. is a publicly owned Real Estate Investment Trust headquartered in Eatontown. Its shares are traded on NASDAQ Small Cap under the symbol UMHI. United owns 20 mobile home parks with 4,680 sites.
 Mr. Landy also stated that, based on the new financing and continued improvements in the operating earnings, United anticipates an increase in its dividend in the fourth quarter of the year from $.075 to $.10 a share. The annual dividend for 1994 is anticipated to be $.40 a share.
 -0- 8/26/93
 /CONTACT: Louise Green of United Mobile Homes, Inc., 908-389-3890/
 (UMHI)


CO: United Mobile Homes, Inc. ST: New Jersey IN: SU:

LG-MG -- NY036 -- 6102 08/26/93 11:42 EDT
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Publication:PR Newswire
Date:Aug 26, 1993
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