We are looking at acquiring mobile home parks with 100 spaces in South Carolina. The lender I was looking at just called last week and said that they stopped lending in the area. I asked for an extension from the seller, but I am still under pressure to close soon. I have been calling local banks but I haven’t found one interested in lending on MHP. A couple bank told me that since I am in California, they won’t be able to lend. Does anyone know a lender in South Carolina? An introduction would be greatly appreciated!
I am in SC should have a park in contract tomorrow. Most of the local banks I’ve talked with will only lend if there are “boots on the ground”. Have you tried any of the national loan brokers that Frank recommends? I’m pretty sure Security Mortgage Group will lend here.
Thanks Johnny! The lender who pulled out last minute was found through Security Mortgage. They are talking with other lenders but I am starting to look myself given the timeframe.
Andy Margolis is another great broker provided your loan amount hits or exceeds $1m. He’s helped us in the past and he’s currently assisting us with a 140 unit purchase. Great guy and an even better broker. Tell him Charles DeHart sent you.
Thanks for sharing Andy’s contact! I will reach out to him.
I had success with Carolina Bank in Darlington, depending on the area.
I may be able to help. I would need some more details, though.
Thanks Brian! I will reach out.