Hi, my partner and I recently purchased a
mhp for 2 million with %30 down. 1st time park owners who made mistake of too much excitement and not enough operational duties/LLC planning. I have a solid real estate background. Loan is a %5.37 5yr 25amort recourse loan and we are both guarantors. Park is great and I have already begun expansion plans for increasing value, but I am not onboard with how my partner wants to operate business. IE. I do all the work including majority money invested, so I would like to buy him out. Are banks, American Commerce, able to swap out guarantors, or are they likely to make me refi?How much is worth someone’s risk to pay them to sign as a loan guarantor? I am short a few hundred k net worth wise so I am exploring options. I have not chatted with our loan broker yet and wanted to see what the forum thinks. Any interest in this forum?
Thanks for any and all advice or interest.
Errol
I might be interested . Would you please email the details : millerave12@gmail.com
Regards,
MKV
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I’d be surprised if bank takes him off as Guarantor. Maybe but it is not easy.
Banks love to have everyone come to the party.