I’ve had good luck with local banks so was surprised as I keep hearing how difficult the finance situation is under 500k. So far my experience has been completely positive with small banks with amortization at around 25 years. US Bank is the only national I have tried yet. Union Bank does 30 year notes at 30 year amortization for MHPs but I have not actually attempted to utilize them beyond a verbal conversation. I believe they have a minimum lending requirement of 500k. Is it possible to refinance multiple parks under a single loan to take advantage of the bigger bank terms? I’m targeting smaller deals so doubt I’ll have a million dollar loan any time soon.
You’ve done well. And yes, you can cross-collateralize your properties to have one loan across all of them.-jl-
The one caution with cross collateralization is one bad deal can bring down the entire house! I have seen this happen in other businesses where things were over levered. It is like putting all of your eggs in one basket. Not to say that one loan or credit facility is a bad thing, but always good to look at all sides when making the decision.