@Jp1 , as per your question:
- “I’m about to approach my first small town bank(s) about a MHP loan and am looking for some advice.”
- “Any example presentations and pointers are greatly appreciated!”
My Husband and I own 2 MHPs.
My Husband had developed a wonderful relationship with a Local Banker whose Bank did loan on MHPs. This Local Banker was fantastic and he was really in our corner. Unfortunately, the initial MHP Deal did not go through.
However, about a year later we received a “Ratified Contract” on another Local MHP and we were excited to get the Loan through the Local Banker. At this point we already owned another MHP.
Unfortunately, this Local Bank’s Top Management had changed and they “did not” like MHPs. The Local Banker really went to bat for us and the Local Bank ended up offering a 3 Year Balloon. Since I am super conservative (and it was a Turn Around MHP), a 3 Year Balloon was not even an option.
Thus, I took it upon myself to start going door to door to all our Local Banks.
I found that either the Local Bank did loan on MHPs…or they did not loan…there was no middle ground.
Thankfully, I walked into one Local Bank and met a Loan Officer whose Father-In-Law had owned a MHP. Wow, what a blessing.
In the end we were able to find 3 Local Banks who offered to loan on the MHP…one had a 3 Year Balloon…one had a 5 Year Balloon…and one had a 7 Year Balloon.
We went with the Local Bank that gave a 7 Year Balloon. The Local Bank even reduced our interest rates a bit.
So morale of the story is…
- “Get boots on the ground”…
- Dress in your best and go around to all the local Bankers…
- If one Local Banker cannot help you, they might give you a recommendation for someone who can help you.
We wish you the very best!