I am considering a refi on my mobile home parks, looking for recommendations on a lender that may serve me best. Here is some info on the parks.
2 parks in the same midwest town. 47 lots between the 2. 1 park is 16 lots with a gravel driveway, all singlewides mostly 70’s and 80’s homes
The other park is 31 lots, paved road. 4 double wide’s, the rest are 70’s to 2000’s singlewides.
Between the 2 parks, occupancy is 100%, 5 park owned homes, all city utilities, stable parks in a good market. I have 5 years history of good cash flow. My credit is very good, LTV is currently low, I would like to find a cash out non recourse loan. I would think I could reach the $1,000,000 loan threshold but it may get close depending on appraisal and LTV of the new loan. Current loan is with a local lender.
Who has been making great loans offers lately that I should contact? What are typical expenses for a refinance like this? Let me know if additional info is needed. Thanks