I have a small park under contract, but so far have struck out when it comes to finding financing. I’m working through a local commercial mortgage broker who has experience with MHP financing and local lenders, but my deal seems to fall into the cracks between their interests. The large lenders aren’t interested in a loan under one million dollars, and the local banks consider the location too rural, even though it’s 10 minutes from Park City (a major resort and employer of most of the residents) and only 45 minutes from salt lake city.
I have a credit score of over 800 and am willing to put up to 35% down, the park is 100% full with all resident owned homes, but the only financing offer I’ve had wanted 50% down for a 5/1 ARM!
Any suggestions?