Lending and refinancing criteria


Wondered what the lending criteria are at the moment for financing MHPs or RVPs?

Also wondered what are the criteria on a refinance.

Wondered also if anyone knows of any reputable lenders (i know of Gelt Financial in florida but looking for others to get quotes from. thank you.)

thank you - any info, advice or resources would be warmly received.
best Anthony

Calling a mortgage broker will give you the best information. No one here will know enough to give you info on the best product for you as no one knows the current situation and business plan of your investment. You may need a bridge loan or a stabilized loan but both of those will have different criteria.

thanks Jake, i appreciate that.
If anyone has any company recommendations for MHP and RVP lenders or brokers would be great to hear. Waiting to hear back from Gelt Financial but i am sure there are other many other lenders or brokers.
thanks guys
best Anthony

I can’t speak for long-term debt, but as a bridge lender that loans for purchase & improvements of MHP’s we are at 70%LTC OR 60%LTV, whichever is less for lesser experienced operators and the best is 80%LTC OR 65%LTV for experienced operators. (LTC = loan-to-cost; LTV = loan-to-finished value). Our loans are tied to the land, improvements & solid structures (office, clubhouse, etc.). We do not lend on the homes or RV’s.

Thank you Jake! - please can i ask is there a book / or resources you recommend to us all on bridge lending - i see there are a few books. I am just getting to grips with it (thanks). As investors want to get in with a low down payment wondered is there a way you see that is legal and ethical to share the risk with the seller? (eg them taking a note back). anyway - thank you! Anthony - Still haven’t heard back from Gelt Financial (2nd time i have been in touch so i guess they are busy or don’t do MHPs). - i have the book commercial mortgages 101 - just starting to read - supposed to be very good. thank you again!

Not really sure of any books on bridge lending. As it relates to seller financing - some sellers will be willing some won’t. I can’t really say more than that as it’s deal specific.