Hi there- absolutely love the forum. I wanted to talk briefly about financing.
I recently acquired 2 MHPs (a 10 unit and a 22 unit). The 10 unit was bought cheap, cheap, and, while I got a great deal on the 22 unit, it was bank owned REO and so they were insistent that we bring cash to closing.
I’ve still got good reserves but not great and would like to leverage the equity in the parks, specifically the 22 unit park. So my question would be whether banks will offer essentially reverse mortgages on these properties. Let’s assume that there are no prior year financials for the bank to assess and we are just looking at the assessed property values from the county, which is about 50% higher than what I paid for the 22 unit MHP.
Any thoughts? Anyone been in this situation?