We purchased a park in Kansas City for $1.6M, and will put approximately $300-500K in CAPEX into infrastructure (excludes home purchases).
We are seeking debt partners that can provide the highest LTV. The remaining capital will come from a private equity fund, and the debt guarantor is a high net worth partner in the deal.
We recently purchased a park and secured 85% LTV including construction loan with a 25 year schedule, 10 year term, 50 basis origination fee, no prepayment fees, interest only first year, 6% interest. Unfortunately the bank does not cover that region.
This will be our 8th park, we’re batting 100% so we have a track record of success.