I am looking for local banks, credit unions or private debt partners that are have competitive rates and longer amortization schedules (25-30 year) that are willing to lend on single-wide parks, particularly in the Corpus Christi area for this deal, but I’d love to form relationships with any banks that are MHP friendly. Any advice or guidance would be appreciated.
From experience most banks will only use 20 year amortization or less. Take some time to check with banks and be patience–our plan if the park will not support a 15 year pay out we check to see why we are thinking of owning it!!
Todd Knutson (“Newtson”), Schertz Bank
(210) 945-7400, x1223
Mellany Brahm, TexStar Bank
Please tell them I sent you.
Thanks Jefferson. Much Appreciated!
Prosperity Bank is all over Texas and a reasonable lender. Call Travis Freeman, President of the Woodlands branches at 281-292-6691. They seem anxious to lend.