MI Banks that Underwrite MHPs


#1

Hello Forum-

We have a MI park under a contract with high occupancy, strong financials & a strong metro/town, however, we’re a finding a number of banks are not moving ahead with underwriting approval due to the fact that we are out of town investors or they don’t invest in MHPs.

If anyone knows of MI banks (Western MI area) that invest in MHPs under $1M, please advise.

Thanks


#2

Vanderbilt will finance parks in MI. However, our minimum loan amount is approximately $1.5mm. Please call or visit our website for more information.

www.vmf.com/CL

800-309-5008

-Kurt Wilkerson


#3

Thx- our park is just under a million so unfortunately that is not a fit.

Appreciate the response.


#4

I can take a look at it, JK. Feel free to give me a shout.

Paul J Sofia
Commercial Capital Resources
P- 980-621-7760
F- 704-436-4019
Email: Paul@CommercialCapitalResources.com


#5

Sounds good- thx Paul


#6

We used First Secure Community Bank out of illinois to purchase a park in Michigan.


#7

First Secure is who you need to contact any deal over 500k loan size in the midwest.


#8

Oh and congrats jdew