Has anyone had luck with obtaining financing on a 60% occupied park? I know I have heard 80% across the board as considered stabilized by banking industry. My thought would be to shop any potential local lender who is familiar with the market and the property. If anyone has a success story would really like to hear it as to the approach to take on something like this. Any thoughts or suggestions are appreciated. Thanks
In February 2014 my Husband and I received ‘Commitment Letters’ from 3 Local Banks to finance a Local Mobile Home Park that was approximately 46% occupied. The interest rates were all very competitive.However, it came down to the balloon/refinance period. One was 2 years, one 5 years and one 7 years.We went with the 7 years which also had a lower interest rate.Start knocking on your Local Bank doors.If one says no, go to the next one as not every Bank understands Mobile Home Parks.We wish you the very best!
Yes from a local bank, depending on your financials and credit. It would more than likely be a recourse loan.
Thanks guys , i appreciate it .