We are purchasing a park with solid fundamentals but some cosmetic update needs. Banks balk after a drive-by as they see that the park is not in good cosmetic condition. Would you recommend a bridge loan for 12 months or so, or even hard money? If so, any recommendations on bridge loan lenders that do MHP?
I think on some of the lender podcasts on the bigger deals , i have heard of loan products with a built in rehab component ( maybe moreso for infrastructure). Might be something to check into depending on deal size?
Feel free to call me to discuss. I need some more information to see what it might qualify for.
Paul J Sofia
Commercial Capital Resources
P- 980-621-7760
F- 704-436-4019
Email: Paul@CommercialCapitalResources.com
Website: www.CommercialCapitalResources.com
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You may also want to check with MJ Vukovich at Bellwether Enterprise. MJ has extensive knowledge of this industry, especially the financing side. I believe their minimum loan size is $1mil.