Planning to initiate a viewing of a smaller park (15 lots) in Tennessee, have down payment of 20% lined up, but am unsure if financing is even possible. I have read and heard that many parks are difficult to obtain financing on if they are under 40 lots, however, obtaining a park of that size is not an option for me to start out. Any suggestions of banks/financing options for a park of this size in Tennessee? Owner financing not available.
Thank you
Local & smaller regional banks will entertain it if you can tell the story how you will operate it well and also kiss the note. Plan to go to 6-8 banks to find reasonable terms. Good luck!
I was able to obtain financing on a 9 spot park I purchased for 105K here in Blount County, TN. Have a business plan together and go in with knowledge on how your going to cash flow it. I used a program called Live Plan to build my business plan to show the bank. Be prepared to pay about $3500 for an appraisal along with any other inspections you need such as septic.
Try the small banks. I obtained financing on a 5 year ARM on a 15 year note with no balloon with a small local bank.
Just realized this post is almost a year old. Hopefully my input will help someone else even if its a little late on the response.
Could you please share what bank you used? I’m just outside of Knoxville and have a small park that I’m looking to get financing for.
Thank you
Colt, feel free to call me at 865-255-0606 to discuss further details. Talk soon .
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