I am attempting to refinance (from seller financing) a smaller MHC in Florida. This is a 2-3 star community, 28 spaces, solid 90%+ occupancy on city water and a well maintained septic system. The park has NOI of $70-78K per year for last 4 years, extremely consistant.
While I have been able to secure a bank approval to refinance the seller- I am looking to cash out some of the equity. The payoff is $435k.
Some of the obstacles I have run into…
- Not a “lifestyle” community (no pool, club house)
- Septic
- Size
- All SW, mostly 70 and 80s homes
Does anyone know of a lender that would be open to providing cash out based on the information provided? I am looking to turn the $ around and move it into another MHC acquisition, thus ideally I would be looking at building a longer term relationship.