Dave and Frank and All
I am curious about how many of the communities you have acquired over the last 3 years are seller financed or atleast have some seller carry back. Could you also shine some light on what is the average LTV loans you are getting from the community / national banks for park acquisition. Are you renting all your new homes that you get from Legacy with their rental program. Do you buy from other manufacturers and do they have special programs? What LTV will the manufacturer programs fund on new homes.We have access to 8% (70% LTV) bank money for new home acquisition. In your opinion is 8% bank money good for home purchases or should I be looking for better interest?
We have purchased 13 new doublewides and 10 used singlewides at our ID parks with community cash flow and some cash from one partner buying 5 notes for his SEP since Feb. I am looking for the best programs that will help us fill the remaining 40 or so lots.