I’m under contract for a park in Indiana and want to know if anyone has suggestions on banks or credit unions that lend on mobile home parks. Any suggestion would be greatly appreciated. Thank you!
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I am in the process of refi my park and cashing out. I have reached three brokers (2 of them highly recommended by MHU) but I have had (so far) the best experience with Doug at CREFCOA 844-359-6413. He will listen and advise you as to what is the best option for your situation. I don’t know if my loan will get to a good end (it looks like that so far) but i don’t need to wait on the outcome to recommend this guy! You have nothing to lose.
But The park I have under contract has a lot of park owned homes. Any idea if they will still lend on?
Maybe, but expect they will only lend against the income derived from the lot rent. Home rent is commonly excluded. Many threads on this forum regarding appraisal approaches.
I’m aware that banks only really care about the lot rent income (as they should). But will they lend on this park going off of the valuation of the lot rent even if there are a lot of POHs? Better yet do you know any lenders that lend on parks that have a lot of POHs?
Every bank has a different investment criteria, like every person has a favorite color. You just have to get out there and ask. The ones I have dealt with did not have any issue with it.