Just curious of what terms recent park purchasers have seem from the financial markets.
Can anyone share what they have gotten their loans at recently?
Thanks,
6.154% amort 30 years 5 years fixed then changes to adjustable.
1031 from NC sale proceeds = 27% with 73% LTV.
Indymac - now under FDIC control.
NC for some reason does not like to go over 20 yr financing
Western states allow for 30 yr financing.
Post Edited (07-17-08 09:20)
Thanks Dale. Those are nice numbers. What LTV did they give you?
Dale,
Can you share a little about the collateral and the lender?
I have a deal right now on a package of single family and multifamily homes and have two lenders who are willing to go 80% of purchase price, with a 20 year amortization at 6.5% fixed for 5 years. Obviously not a park deal, but indicative of commercial terms available in NC for a solid cashflowing property. I think I can do better. My last comm’l purchase in March was fixed at prime plus .25% for 5 years, w/ 25 year am and an 85% LTV. That was a small apartment building.
Lin
Guess everyone else is too busy throwing rocks at each other on other threads to write here.