When to contact lenders before first purchase?


#1

I am looking to acquire my first park in the next year or so. I am probably looking for something in the 300k-600k range. I understand owner financing is likely an option in this range, but I would like to have bank financing lined up as well. My understanding is that I need to be looking at a value of at least $1M before a mortgage broker will work with me.

So do I need to just start contacting banks in the regions I am targeting? When is the best time to do that? Should I wait until I have something under contract?


#2

Wait until you have a Park under contract, as it’s ability to perform will be a key factor influencing the terms, how much you need in reserves, etc.


#3

We may have something of value for you.

Contact me with specifics,

Mike Weiss
mweiss1031@gmail.com