Purchase new park with 28 part owned homes and a site built house. 8 acres all zoned mhp. 13 homes need a ton of work to make rentable again. i have 30% down great financials and own 6 other parks. No interest in ballon loans. Wells fargo? BB&t?
You’re probably going to need a small local bank, or seller finance here. That’s too small for the large banks
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If I may suggest a slightly creative way to finance this acquisition –
Since you already own other parks and have a sizeable down payment, either get an institutional lender to place a junior mortgage on one of your parks (if they are already encumbered) and/or have the seller carry a loan secured by one of your existing parks.
That leaves the newly acquired park free and clear. hmmm…
This strategy opens up more capital than a traditionally financed arrangement.
Keep us posted,
Mike
I may be able to help. I will need some more info. If you can send me your email address, I will forward you a Mhp questionnaire.
Hi Paul,
I would like to contact you about financing as well. Can you please email me? elements100
at hotmail dot com
Thanks
Steve
Hello Paul, could you contact me as well? Looking for some input on seller financing.
Zrowgz at hotmail dot com
paul@commercialcapitalresources.com. Shoot me your scenario and I will look over when I get a free moment.
Sorry i was out of town. Paul i sent you an email. My only park loan right now is with us bank but their programs are not great. paying 10% and only loaned on land value.
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