Bank Proposal - what do you send the bank in writing?


#1

Does anyone have a form letter to use when sending the bank a written proposal for a loan?

I had heard you want to send a proposal along with your plan for the park, experience etc.

Thanks in advance!


#2

Try calling MJ Vukovich with Bellwether or Pierce Redmond with Security Mortgage group. They know how to deal with the banks. They are both park mortgage brokers that can help you depending on your deal size


#3

@toben - First, I put together a 20 page package of general info - investment summary, Park info, surrounding area stats, my experience, photos, etc. it sounds like it a lot but once you do it once you can easily modify for other deals. Banks will take you more seriously the first time if you do this.

Then, I would pull up google and call down the list of banks. My questions are as follows: do you lend on mobile home parks? If so how many do you have on your books? Do you accept out of state guarantors? What is your closing timeline? What are your general terms?

Then if they are a good you can send them the Park financials and your business plan to start the process.