This is my first MHP and finally I am in for a MHP located in Indiana with 26 pad out of 24 owner owned and 2 empty. I am a Canadian and would like to know the finance options I can get in USA. I am willing to pay 20-30% down and the selling is not ready to finance so I have to look for bank or some private vendors. The amount I am looking is approximately 150K. What are the best options I have, any vendors I can approach to get this done or I need to approach the bank to get this deal? What are the interest rates I am looking for? Any advise much appreciated.
I would suggest calling all the local banks in the area of the park. I normally do this when I have a park under contract. I ask for the VP CCommercial Loans and ask them if they do loans on mobile home parks. If they do, I strike up a friendly conversation and just give them a brief summary of the park. If they don’t loan on mobile home parks, I’m not going to talk them into it so I just say thank you and hang up.
Once I get 4-5 interested banks, I either mail my portfolio to them or set up appointments to meet them.
To give you an idea on the last park I purchased. I called 20 banks. 5 said yes they would be interested. Of the 5 only 2 said that they would do the loan on my park. Not the best ratio but local banks will lend on parks…if you find the right ones.