Bridge Financing

mobile home university
1

I have an 84 space RV park and the term is up on my current loan. If you or a group you work with is interested, PM me.

The lender I had lined up to refinance the deal just fell through today, and I’m looking for either permanent financing or bridge financing until I can get a bank to refinance it with.

The total loan amount is $255,000

2017 revenue was $216,000

2017 NOI was $102,000

I have tax returns to back it up and P&Ls to break down the income/expenses.

Because the lender I had dropped out so close to the end of the term of my existing loan, this would need to be relatively quick, but the good thing is that there are no other liens/loans/etc on the property so the collateral would be a clear 1st position on the property.

I also have a broker opinion of value that the previous lender requested (it’s only about 1.5 or 2 months old) for the property that has it at $1,550,000.

2

Have you tried a local bank? Or spoken to a loan broker?

3

Yes and yes, they dropped out and I am short on time.

4

What state is the park in?

5

It is located in North Dakota.

6

Northgold,

  1. How long have you owned park?
  2. Do you have tax returns on the park alone, and for how many years?
  3. How long was your prior loan?
  4. Why did the bank choose not to re-fi?
  5. What city?
    PS: Sorry to ask these in a public forum, but answering these may motivate a lender, maybe us?
7

Look for a hard money loan thru local broker- more expensive but can be done quickly. Ask existing loan for extension by paying fee or higher rate

1 Like
8

email me - stevendsegal@gmail.com