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.
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.
Shoot me an email at email@example.com.
I have done several of these for different groups.