Looking for a 25% LTV 1st mortgage

Here is a breakdown of the property. The sellers wife who helped run it for 6 years is willing to help me manage the park for $500 a month. The rent is collected the first Saturday of each month from 8am to noon. I was there for November’s collection and they collected $10,600 of the $12,800 in four hours. She collected the rest during the following week.

It is a 6 acre park with 50 pads. Each pad has it’s own electric and water meters. It is on city sewer. 19 are park owned. 31 are pad rentals. The pads rent for $150 a month. Feb 1st I plan on raising pads rents by $25 dollars.
The sales price is $825,000. The seller is holding a 2nd mortgage of $625,000 @ 3% interest amortized over 30 years with 15 year balloon note. $2,635.03 per month. I am looking for a 1st mortgage of 25% LTV of $205,000.
The income was $12,800 for November and December with 2 empty pads. I plan on purchasing two trailers instead of renting the pads so the rent roll will be $13,900.
Property taxes are $2,436 per year. Electric averages $2,000 a year. Zero water bills. Trash $4,800 a year. Liability $1,062 a year. Fuel for tractor $85.00 a year. News ad. $645.00 a year. Printing $150.00 a year. Repairs last year were $7,302. He was sick for 7 months and had to pay people to do his repairs also he renovated a trailer for rent to own. Total $18,008 which averages $1,500 a month in expenses. Debt service will be $4787.53 a month. I have past experience with rental properties. I can provide references.
We have already done a dry closing on the park. All I need now is the funding.
I am open to hard money.
I can be reached at 504-616-9962. KEN

And a local bank won’t work because???

Can’t find one that likes trailer parks.

Would you be interested in one loan for the entire amount? My name is Kurt Wilkerson and Vanderbilt Mortgage finances parks nationwide. You can call us at 1-800-309-5008.

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