We are looking to purchase our second mobile home park and have found a deal in a major Midwest market. There are unfortunately a few interested parties and the seller is looking for an all cash offer/and or strongest buyer. Super strong local market with home values $250,000+ . New development all around. Strong test add results. Under market rents.
Ideally we would try and take down the deal ourselves and have more than enough cash to purchase the park with financing, but are around $300,000 short to purchase the deal for cash and then finance the money back out after the closing.
Because of this we are looking for an investor that would put up the needed money to close for cash and then be paid back in full with interest after closing when we finance the park though a bank. We do have a local bank interested in the deal we have been working with.
Has anyone ever attempted this before?