I have my first park under contract (Midwest) and am looking for financing options, advice or possibly an investor.
There are 2 banks considering financing the park but I have not gotten a commitment yet and it is concerning dealing with small banks that do not have MHP experience and the other concern is that their approved appraisers have never appraised a park before.
About the park.
2 Empty lots
1 Abandoned home
24 POH (rent $650-$800)
Occupancy 100% + waiting list
Utility costs well below average (Water under $30 per unit)
27 Acre Property
Room to add 22-24 homes and there is high demand for them.
Seller will carry 25%
Sale Price $1.2M
Current lot rent $250 (last increase in 2014)
I have spoken to a few lenders that have been mentioned on the forum but between this being my first park, it “only” being 61 lots and a few other things I don’t seem to fit their criteria.
Any advice would be appreciated