I’m negotiating on a park that has very good numbers and good occupancy, but would require new financing. Since the loan balance would be under the 500K mark, I would likely be seeking a local bank for financing. The broker mentioned that the US Bank branch in this town will finance at 70% LTV, 4.5% to 5% interest, 15 year Amortization, and 5 year balloon.
Has anyone successfully closed a deal with local bank financing lately and how was the experience? Anything you could point out for me up front as I prepare to put together an application?
Just FYI, my partner and I will likely be buying this together. We have the 30% down and decent credit and own one other park together currently. But this would be the first time getting bank financing - all past deals have been seller carry.