MHP Financing UNDER 500K


#1

Hello All,

I’d like to refinance my new park. The only “problem” is that I don’t want to borrow 500K. Many lenders on MHPs seem to have a 500K min. Does anyone know of a lender that would loan, say, 300K-320K? I have a 24 lot park just 12 miles East of Houston. I currently have 8 spaces occupied and have 3 commercial buildings on the property that produce income as well. Of the 8 spaces occupied, I own 3 of the homes. I’d like to refinance, pull some money out, and purchase a chunk of homes to put in my park.

The property already produces positive cash flow and is going to be the nicest park in my immediate area.

Any help, names, phone numbers, etc. would be helpful. I don’t want to pay a interest rate that’s too high. My credit is very good.

Thank you all so much!

Justin Gross


#2

Justin,

I would look at smaller local banks. The interest rate will be a little higher then the national banks. However the loan costs will be lower and speed of getting the loan completed will be much quicker.

Corey


#3

Justin

Depending on your FICO