Hi, I’m looking for any advice on financing for a small 12 plot MHP in Washington State. Purchase price is $500k. Seems most lenders and brokers wont go that small. If anybody has any suggestions please let me know.
Thanks,
Check all the local small banks and credit unions , that will be your best bet. See if the property previous had a bank that loaned on it as well.
Check with local banks where the loan officer can drive by and visit the property. But, I expect you to get turned down. Get three rejection letters and take those to the seller and request seller financing.
I had a lady last year, who owns a $2M park, say, “You won’t be paying cash?” Me: “No, who does that?” She: “I do. I never use credit.” Guess what: We didn’t make a deal on her park!
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This is not actually a reply, but instead another question on the same topic. I have a mobile home park I want to buy. I have to either find private financing or a partner, or perhaps both. This is the park: Mobile Home Parks for Sale near Jay, ME My e-mail is aflanders@yahoo.com. I am interested in any suggestions, etc.
It blows my mind the number of people in this industry and small business in general who don’t understand the concept of leverage. And I love it when they look at you like you’re crazy for not wanting to pay all cash.