My wife and I have been trying to buy a 44 unit mobile home park 25 minutes from our home town for 6 months now, our credit is excellent, and we have 20 years experience in property management. My wife and I have owned and operated our own 10 unit park for over 10 years.
The owners were willing to carry $100000 of paper on the deal and the bank STILL chickened out. The one big negative to the bank is that we don’t have a cash down payment. We offered to refi all of our existing property (about $400,000) with them and use the equity as a form of collateral, the loan officer told us there was a 98% chance they would fund the deal, but the loan comity shot it down.
We still want to buy and the sellers still want to sell to us. We are looking for an investor (not a long term partner) willing to put up at least $100,000 or more; we will get you paid back within 1-2 years interest rate is negotiable. If interested please reply to this post and we will take it from there.