I’m looking at a small park with a total of 16 lots.
The seller is not offering seller financing.
Purchase price - 600k
Down payment - 150k
Financing needed - 450k
What’s my best option for financing?
Regional or local bank is a good option for a small park.
Try a smaller local bank. They seem to like these deals! I did a similar size project with a local bank in NY and they financed 75%.
Same here. Just closed on 75% financing from small local bank for a small MHP in Minnesota. Small local banks can be very good if they have had experience with MHP lending before.
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I called the local community bank in New York State. They denied my request for a loan because I live in New Jersey.
They focus on loan within their local communities.
AG, you have to try harder. You called “the local community bank in New York State” when there are over 200 banks in New York.
You will find that banks say no for many reasons including constraints in their charter. Some will say they can only loan in their community, some will only loan in state, some like certain industries, etc. I would try every community and regional bank in your market with a focus on the regional banks.
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A bank is your best option, but if you cannot get a bank loan, we can help you. We are a private lender and do alot of these types of deals. We are working on one very similar right now thats a $650k loan.
NoahMiller@GeltFinancial.com