Hi all-
I’ve had a park for a year. When I bought it, it appraised for $355,000 with a purchase price of $250,000. I’ve added and filled 7 homes on vacant lots over the past year. Anyone know a company that could cash out refi on a park like this? It’s in South Carolina.
Thanks for your input!
Just from my experience, you will have a problem finding a company to finance that small amount. Seems like $500K is their low end limit. How about the current financier?
We would be willing to look at this opportunity. Can you email me at NoahMiller@GeltFinancial.com and we can discuss.
Landmark capital international advisors is here to help
UPDATE: the park appraised for $570,000 now with all the improvements and added homes. We refinanced with the original lender and got all of our original cash out. Thank you for your help! SUCCESS!!
This is great! Did you have to pay any penalties due to paying off the original loan early?
No. There wasn’t any early payoff penalty in the original loan and there isn’t one on the refi loan
Was it a local lender? Or one you can mention? I want to sell or will need to do a refi. Note is due. I am under contract, but in due diligence at this time. If the sale falls through, then I will need to get a loan.
Local lender out of Georgetown, SC. The Citizens Bank. Call or text me at 928-460-0602 of your park is within a 150 mile radius of that and I can give you more info. Good luck!