Loan for Small Park in MO


#1

Can someone recommend a good loan broker, bank or financial institution that will lend on a small park in MO. The manager of this park wants to purchase the park. He has at least 10% to put down, maybe a little more. Even private financing would be helpful.

Thanks,

Keith (CA)


#2

My experience has been that for loan amounts of under $1.0mm your only source of (reasonably priced) funding is local banks. You do not need a loan broker to open up your local yellow pages and simply call the couple dozen banks in a 100 mile radius of your property.

Loan brokers will be able to get small loans funded from loan sharks, er, I mean ‘hard money lenders,’ but I see little need to pay loan broker fees and the 13% - 15% interest rates charged by their funding sources.

Just cold-call all your local banks. I’m getting refinanced by my local bank right now at 6.75% (15 year amortization).

My 2 cents worth,

-jl-