Does anyone have a sample of a proposal that I can look at before I put in my formal request for a commercial loan to my bank?
I spoke with someone on the phone that confirmed they do finance mobile home parks.
They are offering loans with 20% down amortizing over 20 years with a interest rate that will automatically adjust every 5 years if the loan has a 1.5 coverage ratio.
I have excellent credit have 6 tenants that deposit their monthly rent payments to the bank already. So if they like the park, I will probably be able to get a loan.
However I need help putting together a loan package or proposal ahead of time.