Hi everyone,
We own several MHP’s mostly in the Midwest and are actively acquiring. We are looking for a flexible option to access a pool of money that we can draw on to help with infill of the mobile home parks we own. I turned to asking for line of credit’s but what I am finding is most places offering a LOC want our properties to be free and clear of debt in order to provide an LOC. Our properties have debt but cashflow well.
Does anyone know of any institutions or people that would lend cash similarly to a line of credit or some alternate option that would help us with buying homes to move into our properties? I appreciate any insight! Thank you.
John
I assume you’ve gone through PEP / 21st route and just want fewer strings attached? We’ve always just done a LOC against our property with the most equity— the bank in first position takes a second position as well up to (in our case) 80% of the latest appraised value on file. Yearly renewal has never been an issue.
Yep! We also utilize 21st, but newer homes sell slower in our market, more strings attached, etc… we have a park with a decent amount of equity - BUT the bank we have for that property does not want to do any LOC’s because they’re pulling out of the “commercial” market!! Strange, I know.
Any ideas, on potential other options?
Right and you probably have like a 5% rate and don’t want to refi. I feel you there! There’s unsecured stuff out there too. I used BHG financial 7 or 8 years ago and it wasn’t horrible.
That’s exactly right, we have a 4% rate lol. I’ll give them a shout - appreciate your two cents, thanks!
It’s great that the yearly renewal hasn’t been problematic for you
Hey,
My name is Myles and I work for Legacy homes, we are a manufacturer of mobile and tiny homes for investors; deliver as quickly as possible to their mobile home parks.
These homes are taller, wider, family friendly and offer better functionality!
I would love to partner with you and speak with you on what we have to offer.
One of the distinguishing features of Legacy Housing is we do not require a dealer’s license. Also our in-house wholesale financing, designed to simplify and expedite the purchasing process for park owners. Our goal is to provide you with a seamless experience, ensuring that the financial aspect of acquiring homes for your park is as straightforward and efficient as possible.
You can look at the links below to see what we have to offer and if you need anything feel free to call or email me.
Myles Mannino
Territory Manager
Phone: 850-938-9840
https://legacyhousingusa.com/catalog/heritage/
https://legacyhousingusa.com/