We are looking at a park that has a gross of 36k per year. The asking price is 275k and we have 75k to put down. We would be able to pay off a loan in 3-5 yrs (with funds from our established business) unfortunately the owner isn’t in a position to offer seller financing. Where would be the best place to look for financing a note like this as the local banks are not interested in mhp loans Thanks
A community bank in the city or town is your best bet.
I just sent a private mesage
I may be late to the party but, are you really buying a small park at such a low CAP rate?
If the gross is $36,000 and expenses run 45% then your net is about $19,800.
Divide that by the price of $275k and that comes to a 7.2 CAP.
Are you not over paying or are we missing something?