I’m under contract on a park in Indiana for $600,000 and I’m wondering if anyone out there has contacts for loan brokers that deal with parks at that price range? Thanks in advance!
What town is the park in, Gulliver?
Gulliver, I have a private money broker I have used in the past that could help you out. PM me, or better yet email me directly at email@example.com and I can introduce you two.
He may not be able to, so I’d have a back-up plan, but he is able to pull through in a pinch most times.
it’s in a small town near Salem, IN
Try MJ at Bellwether and or Pierce at Security Mortgage. The deals may be too small for them but it is worth a shot.
Yes, I’ve heard of both and I’m going to reach out to Security Mortgage. Thanks Jim I appreciate it!
Do you know if Security Mortgage has rules about how many POHs the park has?
Security mortgage is just the broker, all lenders are different and they will probably be able to work with you.
I believe Bellwether has a $1mil loan amount minimum.
The problem I see here is the population. Minimum population 500 people per square mile or 200,000 per county.
Email me at firstname.lastname@example.org
I’ve tried both MJ and Pierce for refi on my park. 132 lot, 92% occupied, no POH, southeast. Pierce could not help and he was not very clear why. MJ took too long and best service and communication came form Doug at Crefcoa. One more option. Give him a call.
Jog, what’s your email? I’ll shoot you an email.
We would love to take a look at this park or any others you have down the road. Give Kurt or Chris from Vanderbilt Mortgage a call at 800-309-5008.
VMF, email me at MHCinvestor@gmail.com and I’ll send over more info. Thank you!
Yes MJ said it’s a $1M min
VMF, email me at MHCinvestor@gmail.com and I’ll send over more info. Thank you!!
CREFCOA has a limit to the amount of POHs to have though
Gulliver, anytime, email@example.com
I know this is a older post but I used Brad Rymer who got me a loan for a park and the loan amount was $260,000. He did an awesome job. I tried 14 banks on my own who all would not do the loan. Then I found Brad who got me the loan with a bank who previously denied me. The park was underperforming due to uncollected rents and high water usage. With Brad’s credibility with that bank and experience he got the loan approved. Within the first month the issues on the park were fixed and has been an awesome park. Thanks to Brad I didn’t lose it. Here is his contact info.
He is a loan broker for parks under one million.