My group has a property in Alabama that we are working on getting under contract (slightly under 500k). Part of our plan for purchasing it is financing through conventional financing 80/20. Any recommendations for lenders that will lend on a turnkey property?
Have you called all the local banks, if so dig for private investors but that’s an area that I have found harder to find legit lenders.
That is our plan. We just wanted to see if anyone had a good recommendation before we started calling.
Union Bank does them in California, or they did. They have a separate division that does those. Not sure if they do Alabama but you might call them. They were the only one who’d give us a 30 year fixed rate. This was 8 years ago.
Union Bank still does MHP’s but only in states they have branches. Just went thru this with them last week!
I have one lending source that may do this deal. Unfortunately, Alabama is one of those states that it is a little more difficult to secure financing in and the loan amount falls below the criteria of a lot of national lenders. I would need to know some more specifics about this park. I would be more than happy to look at. If so, send me your email address and I will send you a MHP questionnaire for a preliminary evaluation.
Community National Bank & Trust is wrapping a 259k loan up for us.