I am looking for a mortgage broker or lender who works in multiple states that can pre qualify us for a Mobile Home Park purchase in the Midwest states. We have 25% to 30% cash down payment for a purchase price up to 1 million. This would be our 1st MHP purchase and want to make sure we can qualify. Any recommendations will be appreciated.
My two cents"
I have yet to see a reputable commercial real estate broker, or lender, do a prequal letter. Which is probably why you have not received a reply in a months time. There are simply too many variables that we would not know. In commercial vs. residential we are more concerned with the property NOI you are buying than your ability to make the payments out of pocket. That is not to say that I don’t love a rock star for a guarantor. You need liquidity in commercial, and net worth. They are not going to look at your W-2 and qualify you like a residential deal. In commercial the property generates income and as long as that income is sufficient the property is likely financeable.
I only deal with loans in excess of $1MM so I can’t really help when the max purchase price is $1MM. You also would likely not fit in the $1MM+ due to the fact that you don’t have any experience in the market. Now if you had a some of multifamily properties, office building, or self storage facilities etc. and were just adding MHP to the mix then the experience wouldn’t be an issue.
All of that said don’t ever give up. If you don’t fit the mold then break the mold.
Best of luck,