The land (68 acres) is already bought and paid for.
I am currently in the throws of beginning a new park on a piece of property that held an old dilapidated park that had gone out of business. I am in N.E. Texas.
Well good luck Mac, you are then i the same boat as Doug and I. Maybe we should start a support group :). There are quite a few options out there for you, and if you want to talk, not that I personally am that far down the road with the process, let me know and I can try to help you. PM me your contact info if you want.
Great insight. How can you get information on the non-recourse government sponsored loan? If you could provide me a contact person or telephone number, I would love to get more information. Thank you.
I wasn’t going to interject on some of the government sponsored loan comments made awhile back in this post, but since someone is asking for information I might as well correct one statement and add to another. The USDA has not done MHP for some time now, they used to but don’t anymore. I do a lot of Community Facilities loans with the USDA so I ask them every year if they are bringing back MHP but as of earlier this year there were no plans. If anyone has different information on the USDA I would like to know what program director they are talking to. This is one of those rare times I would love to be wrong. The USDA unlike most government entities (think HUD here) is an absolute pleasure to work with. I would love to see them bring the MHP program back.
The HUD 207M is one of the few HUD products I do not do so I have not read the regs on the program. However, as with all HUD loans the process will be long (at least 1 year), expensive, and arduous. You will be required to have an annual audit as well, again expensive. Even though HUD can do a 40+ year loans, they tend to cram them down to 30-35. Even though HUD is a Federal program the State law will prevail when it come to the length of the loan and several states have a cap on commercial loan terms of 30 years. Also, I would be surprised if HUD looks at POH favorably , again I haven’t read the reg so I am assuming it would be similar to Fannie/Freddie in that respect.
With all of the above said the best GSE programs right now are coming from Fannie and Freddie. The down side is that neither one does construction.