Current Loan Interest Rates and Terms

mobile home university
1

Hi, MHP investors,

I was just quoted an interest rate of 5.75 to 5.95% with 25% down for my first park purchase that has a $1.35M price. The loan will have a 25 year amortization and a fixed rate for 5 years.

I am curious, what are other future owners being quoted out there?

Thank you,

Peggy

2

That seems high. Late last year I took out a smaller mortgage with a community bank at 5.125%, five year fixed, 20 year amortization. I shopped very hard.

With the recent quarter point cut, interest rates should be lower now. What type of a lender quoted you those numbers?

3

Closing deal next week. 5/5 ARM, 4.25%, 25yr am. Recourse. No prepay penalty.

4

Thank you, mhp. Would you mind telling me who the lender is? Is this your first park?

5

Small Midwest community bank. No not my first park.

6

Thanks, again.

Peggy

7

Presently 4.50, 25 year amortization 5 year fix–looking to see 4% rates or lower just before 2020 election. There is just to much money looking for a safe home and way to many buyers—time to SELL–best time it 25 years!!!

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8

I’ve got quotes for:

4.50%, 20 yr am, 5 yr fixed
4.75%, 25 yr am, 5 yr fixed
4.85%, 20 yr am, 10 yr fixed
5-5, 4.75% first 5 years, max 2% increase the next 5, 25 yr am

This is my first park. 25% down and a loan of about $1M. All from local banks.

Trying to decide between these options.

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9

Thank you, Carl. Can you please provide a bank contact?

10

Thanks a lot.

Your situation sounds similar to mine. Would you mind please providing contacts?

11

It is a community bank in Illinois.

12

4.5% 30 year fully amortized no balloon , bank of seller carry.

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13

Call John Medernach if its in the midwest and over 500k 630 409 7246

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15

Sure, Scott. Please call me: 713-828-4515.

Thanks,

Peggy

16

Peggy I see you are 713 I am a bit south of Houston area feel free to reach out. Thanks

17

I am really surprised at these rates, 4.1? That’s a great rate even for a owner occupant 30 year mortgage.

I don’t own any parks, but the sfh mobile home deal I’m closing soon is 5.8% and I thought that was great. Maybe parks are a little different, but it’s hard to find any lenders that are willing to mess with mobile homes.

18

This is accurate. Parks are a different deal entirely. And it is very hard to find financing for MH units themselves.

19

I would shop around.
One thing you can do is ask your realtor to do a title search for other parks in your area. The report will show who the lenders are. That will give you a few other lenders to look at.

AW

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