Using a primary res mortgage to finance a park


#1

Be gentle. It is my first time.

I am an investor with some experience in SFH’s just taking a good long look at MHP’s. I am currently in Nashville.

Since my wife just got a real job I am qualfied for a mortgage large enough to buy a small park. Is it possible to buy an underperforming park, place a home on a foundation, or buy one with an existing stick built and use stock financing to do it?

Another angle I have been considering is to buy comercial property with an existing home and develop a park. I figure the bank would balk when they found out but I could at least control the property long enough to build in some equity and then get better financing due to the lack of any park owned homes.

What say ye?

Any wisdom on these ideas?


#2

I am a mortgage broker…when you say stock financing what do you mean exactly…stocks in the stock market?

There are many creative ways to finance these parks. The lenders I use will let you go stated income if need be.

Just remember this golden rule:if you purchase a park with many park owned homes and it is underperforming as you say…you will not be able to get the wall street rates that are available to wholesale lenders such as myself.You can expect double digit rates.

For best rates you want to find a park that has 75-85% occupancy rate at least and has as few park owned homes as possible.

Feel free to email me with anymore questions.

Lisa