We are seeking creative financial partners to help reduce our cost of capital. We would like to do this through increasing the amount of debt on our balance sheet.
Purchase debt usually comprises 60-75% of the lot based value, with 6-6.5% rate. This usually ends up being 50-65% of the purchase price.
We are willing to pay a higher rate if there are groups out there that can provide more like 75% of the purchase price, and ideally the CAPEX in the first year.
Bridge loan groups are definitely a target, but I’m sure there are others. Any ideas groups or people you recommend I speak with?
We are value investors and operate our parks. To date, all of our investments have meet investor expectations, and 5 of the 6 have exceeded our target.
Barclay, are you looking to refinance your parks or is this for new purchases? Or both? We are a direct lender with nonrecourse 5,7,10 year fixed rate CMBS debt. We have a huge appetite to provide debt for mobile home parks. My email address is David@ITF GlobalPartners.com if you’re interested.