What kind of rates are you seeing for park loans as of late?
Is 6.5% reasonable for planning purposes non conduit loans?
Any good lender experiences to share?
Rolf,
I understand that you evidently weren’t happy with the loan you received from a certain lender. However, that is something that should be discussed privately.
The broker responded to your concerns in a professional manner and let’s leave it at that.
We greatly appreciate your feedback in this forum because you are very helpful to those wanting to acquire their first park. You are out there doing what many want to do…become a mobile home park owner.
Thanks and keep us abreast on your “midnight man-in-black encounters”.
Steve
Andy,
I haven’t financed a park, but I am in the process of getting a conduit for a self storage facility. We locked on June 1 and have a 6.44% rate. Rates have increased since then. Given that, I wouldn’t use 6.5% for planning purposes. I’d guess it’ll be more like 7.5% or higher.
I talked with Lauren Huffman at Bankers Mutual in Portland OR (whom I met at Mobile Home Millions in SD) and she quoted me some great rates. They do parks and storage. Give her a call. She’s extremely knowledgeable and can give you good information. Email me privately for her number if you can get it online.
Lin