I currently have a couple of parks in Florida, and looking to pick up more. Each park is small under 1 million dollars. I have called all the locale banks and non of them are willing to lend that small amount. Does anyone know a lender that will lend on a park in Florida that is under 1 million?
Thanks
Local banks have not been good to me either. I prefer regional banks. How many banks did you call? I have called 20 to 30 banks in the past to find the right one. Go to BankDirectory.net and make a list of the 100s in your state. Then sort by assets under management from big to small. I like to find banks with 10 to 200 locations, over $1 billion under management, with a branch in the local area. Banks with 1 location are sometimes community banks and too small unless your park is in their town. Big banks (e.g. Bank of America) are too stringent and will never loan on a park for anybody practically.